Peter Obi, a former governor of Anambra State, has submitted that Nigerians are getting poorer because the federal government is borrowing for the wrong reasons.
Obi said this on Sunday, during an appearance on Channels Television programme, Sunday Politics.
The Peoples Democratic Party (PDP) vice presidential candidate in the 2019 election stated that while it is not wrong to borrow money, the funds must be used solely for production and not consumption purposes.
He said such funds should be used to enhance the lives of the citizens and enrich the economy.
“Are you borrowing for productivity or are you borrowing for consumption? My worry here is that we are borrowing for consumption”, he said.
“I am saying that the country is not productive and there is nothing wrong in borrowing; if you are borrowing, then it shouldn’t be for consumption and that’s why more and more people are getting poorer”.
Obi further argued that the country’s Gross Domestic Product (GDP) cannot be growing while the people are getting poorer.
He averred that the growth Nigeria needs is one which “pulls people out of poverty by making the people have disposable income and be able to feed themselves”.
He further stated that Nigeria needs the kind of growth that will educate the children and provide primary health care for all communities.
“These are critical areas we want to go into,” adding that “Nigeria must do away with speculative growth that is given media hype without positively affecting the masses.”