By Fola James
Former Governor of Anambra state, Peter Obi has accused President Muhammadu Buhari of destroying the economy after using 90 per cent of the country’s earnings to service debt.
“We cannot borrow our way out of our situation. our biggest challenge is that we’ve been borrowing for consumption and not for productivity,” he said.
The People’s Democratic Party, PDP former vice presidential candidate said on Arise Television on Monday that the nation’s economy has gone from bad to worse after Buhari took power in 2015, noting that billions of dollars borrowed by the government was channeled to consumption.
Obi said the nation’s Gross Domestic Policy, GDP was over $400 billion when Buhari came to office in 2015, but after borrowing so much the GDP threshold has remained less that amount.
According to the Debt Management Office, DMO Nigeria’s total Debt Stock (Foreign & Domestic), as at September stood at N31. 01 trillion ($85.9 billion).
The former governor had last week lambasted Buhari for the worsening economic situation in the country, noting that the former Anambra helmsman was borrowing for its officials to steal.
Obi stated that “The cost of governance is not acceptable. There is too much waste.This recession is going to be worst than in 2016 because the monies we borrowed then were not properly invested.
“What we need now is to go into a vigorous regime of formulating implementable and measurable monetary and fiscal policies to drive ourselves out of the present situation.”
