Unbalanced budget, borrowing, scourge of Nigerian economy — Obi

Labor Party presidential candidate Peter Obi has identified an unbalanced budget as the cause of Nigeria’s economic crisis.

Obiwho spoke at a Sunday presidential meeting in Abuja, noted that Nigeria’s budget was characterized by unnecessary loopholes.

He added that the high costs of governance had taken a heavy toll on the country’s economy.

However, he promised to reduce governance costs and ensure economic development if elected next year.

Obi said: “Growing the economy involves a lot of things. But I think it is important that we take care of the high costs of governance. Our budget must be cleared of unnecessary allocations. If governance costs are reduced , we spend about 14 trillion naira to take care of other important issues.

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“On the issue of borrowing, there is nothing wrong with that. But we have to borrow for production. When we produce and export enough, we create a pathway for revenue generation. That way we can create jobs and lift people out of poverty.

“I am committed to fighting corruption head on. I must lead by example by effectively managing state resources. It starts with me. If this is done, you defeat the corruption.

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