APC-Led Federal Government Had Plunged Nigeria Into Unimaginable Debt Through Borrowings That Were Squandered- Peter Obi

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By Princely Onyenwe, Abuja

The Peoples Democratic Party PDP PRESIDENTIAL contender, Mr Peter Obi has said APC-led Federal Government had plunged Nigeria into unimaginable debt through borrowings that were squandered.

Obi who stated this when he visited the both Imo State leadership of the PDP at the party’s secretariat in Owerri and Abia state PDP secretariat in Umuahia on Thursday, said that ” Nigeria is collapsing and collapsing very fast”.

He regretted that the All Progressive Congress, APC-led Federal Government had plunged Nigeria into unimaginable debt through borrowings that were squandered.

Obi while in Abia state PDP secretariat Umuahia

In his words, “We are in debt because the money was borrowed for consumption and not for production.

” When Obasanjo left office in 2007, Nigeria was owing the equivalent of cumulatively N3 trillion but today, Nigeria has a debt of over N58 trillion which is about 38% of our GPD without any growth.

” We are now using over 90% of our revenue to service debts. In the first five months of last year, Nigeria earned 1 trillion 847 billion naira and serviced debt with about 1 trillion 800 billion naira.”

Obi lamented that Nigeria would soon go into a state of insolvency and chaos if nothing urgent was done to pull it back from the precipice.

” The country today has collapsed. Yet we don’t feel bothered. You wake up today all you hear is Killings, kidnappings and all kinds of criminalities.

“They go into villages and kidnap not just one but the entire village and kill off everyone. Some feel not bothered because it’s not their village but soon it will get everywhere.”

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” What we see in Nigeria today is a cumulative effect of leadership failure over the years which we all contributed to.

He added that Our country is collapsing.It will get worse, Obi hinted.

” So, the issue now is: How do we arrest this drift? There is no country in the world that will be in a similar situation where you have over 98 million people living in poverty and not be a security threat.

” Nigeria has more people living in poverty than the two biggest countries in the world – China and India. Today we have a 33.5% unemployment rate, and if you combine it with the underemployed, you have about 55% out of which 60% are young people of productive years.

” People have been to school in Nigeria but without jobs. Over 15 million are out of school. We have a serious problem on our hands.

Obi urged delegates at the party primaries not to mortgage the future of the party because of monetary inducements.

” Our delegates, you can’t be a delegate forever. When you are going for primaries carry the photos of your children. If they give you money, collect but don’t vote against your conscience.”

Obi said that if given the opportunity, he would fix Nigeria again and make the country the pride of the black race, saying that his antecedents in Anambra were a foretaste of what he would do if voted as President in 2023.

” I was once a Governor of Anambra State for eight years. I know the problems of Nigeria and I know how they can be solved.

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” I want to change Nigeria into a producing country. All they do today is share. We have to stop this sharing and start producing.

” I have governed a state. That state was a total mess when I came on board. We were not an oil-producing state but I left billions in the state coffers.

” I left without owing anybody any gratuities. I was not owing salaries. I was not owing to any contractor who executed any job. My handover was made public.

” I invited the Managing Directors of the three banks – Access, Diamond and Fidelity banks – where we had our savings. We had$50 million dollars, N12 billion in Access bank; $50 million, N12 billion in Diamond bank; and $56 million, N12 billion in Fidelity bank. The MDs confirmed the figures publicly and I handed them over to my successor. I told them that I invested N59 billion in NIPP for Anambra State”

Obi speaks while in Imo state

The PDP PRESIDENTIAL contender, regretted that the All Progressive Congress, APC-led Federal Government had plunged Nigeria into unimaginable debt through borrowings that were squandered.

The former Governor blamed Nigeria’s woes on leadership failure and Promise to put back the lost glory of Nigeria if given the opportunity to serve in the upcoming 2023 PRESIDENTIAL Elections.

In futherance, Peter Obi maintained that the next NIGERIAN PRESIDENT have to come from the south East extraction to make a balance in the Political zoning.

He noted with dismay the setbacks APC-led Federal Government had plunged Nigeria into and the unimaginable debt through borrowings that were squandered by same Government, Obi Alleged.

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9News Nigeria (Owerri) For inquiries on this news contact 9News Nigeria Imo State @08036856526

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About Princely Onyenwe 1312 Articles
Princely Onyenwe A seasoned Investigative Journalist, Civil Rights Activist, and Political Analyst, Currently Editor and News reporter with 9News Nigeria www.9newsng.com www.facebook.com/9newsng

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