Peter Obi Challenges Tinubu to Show Nigerians How N7.3 Trillion CBN Loan Was Utilized

Peter Obi Questions Tinubu’s N7.3 Trillion Loan Utilization: Calls for Transparency in Government Spending

Presidential candidate of the Labour Party in the 2023 election, Peter Obi, has raised concerns over the recent approval of the securitisation of a N7.3 trillion debt by the National Assembly. The loan, obtained through the ways and means facility from the Central Bank of Nigeria (CBN), has sparked a call for transparency from the government regarding its utilization.

Obi, in a statement titled ‘Debt and Waste as Economic Policy,’ questioned the Bola Ahmed Tinubu administration’s allocation of the substantial loan, seeking clarity on the specific ‘capital’ or productive projects funded by this borrowing. He emphasized the need for public accountability, pointing out the potential violation of the CBN Act.

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The former Anambra governor highlighted the alarming trend of escalating ways and means borrowing, stating that it poses a danger to the nation’s economy. He criticized the government’s lack of specific explanations for recent borrowings, which include the securitisation of N7.3 trillion and additional approvals for $7.8 billion and €100 million.

Obi raised concerns about the legality of continuous securitisation, stating that it contradicts the CBN Act, which imposes limits on the federal government’s borrowing and requires the liquidation of outstanding debts before new advancements. He stressed the importance of halting this trend to prevent the nation from facing turbulent economic waters in the future.

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The presidential candidate pointed out the potential repercussions of this borrowing pattern, expressing worry about the economy’s ability to withstand the accumulating debt burden. He urged the administration to shift focus from partisan grandstanding to address fundamental issues of rational economic management.

Peter Obi called for a reconsideration of the current approach to economic policies, emphasizing the need to halt the unsustainable level of debt accumulation and prioritize the well-being of the populace.

Source: Intel Region

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