Recession:Peter Obi Warns Against Mismanagement of Borrowed Funds

1
180

Former Governor of Anambra State, Mr. Peter Obi, has warned the country’s economic managers against reckless spending borrowed money and also of its resources, saying such a habit would compound the nation’s economic woes as it battles to spend its way out of recession.

Mr Obi stated this during a live interview on Arise Television flagship progamme; The Morning Show in Lagos, yesterday.

He added that the country cannot afford the luxury of heavy borrowings and wastages in a bid to rebound the economy unlike in the 2015 episode .

The former governor warned that government’s failure to embrace fiscal discipline at this period of a fragile economy will spell doom for the country.

According to him, government economic and fiscal policies must be properly structured and targeted at reaching the target audience.

He stated that funds earmarked to reflate the MSME sector must get to them as against what obtained in the past when monies appropriated did not get to the beneficiaries.

‘‘There is nothing wrong in borrowings, especially during recession but what is wrong is the inability to account or point to what funds were used for.”

“In the case of Nigeria, we have not been able to show how such borrowings have impacted the sectors that were meant to resuscitate the economy. And that is what I am warning against in this period of recession,” Obi said.

On tax to GDP ratio, Obi stated that the more robust employments are generated with susutainable growth, the more the country earns from taxes.

He also said govt should find other ways of generating revenue outside tax as it cannot afford to tax unemployed citizens who are battling to survive. The former governor lamented that about 98 million Nigerians were living below poverty line before COVID-19, adding that the figure has further swollen to over 100 people who cannot be taxed at the moment

1 COMMENT

  1. SEEKING FOR RICH SUGAR MUMMY/DADDY/LESBIAN/GAY
    CONTACT OUR DATABASE ADMINISTRATOR ON (+2348145236851)
    Turn your life around by getting the chance to meet with our Executive sugar mummies
    sugar daddies,gay and lesbian connections all over Nigeria,Benin Republic,Ghana, South Africa,UK,U.S.A,
    Dubai,Paris,Germany and some other countries, you are also entitled to contract opportunities,job offers in good reputable companies within Nigeria ,
    business packages,financial packages and loans offers for businesses
    by meeting our prestigious clients,who are highly rich and influential,powerful,connected,
    we have directors,C.e.o ,senators,managers,politicians,
    oil tycoon,big time Dubai and London based sugar mummies and daddies,we have ladies that owns two to three companies within one state and also ladies thatrun their business organization within
    overseas,so are you good in bed,do you have all it takes to partake in our service,we offered fast reliable service to you anywhere you are within the above
    mention countries
    ,our clients are highly connected and influential people within the society, so contact us now to get an instant hook-up today,
    FACEBOOK NAME/bALOGUN JAMES SUNDAY
    PHONE NUMBERS/08145236851

    WHATSAPP NUMBER/+2348145236851

    AFRICAN DATING AGENCY…..YOUR WISH IS OUR DESIRE……..

Kindly Leave a Comment