Unbalanced budget, borrowings bane of Nigeria’s economy — Obi

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

Obi, who spoke at a presidential town hall meeting on Sunday in Abuja, noted that Nigeria’s budget was characterised by needless loopholes.

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

He, however, promised to cut down costs of governance and ensure economic development if elected next year.

Obi said: “Making the economy grow comes with a lot of things. But I think it’s important we deal with the high costs of governance. Our budget must be rid of unnecessary allocations. If costs of governance are cut down, we devote about N14trillion to take care of other important issues.

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“On the issue of borrowing, there is nothing wrong in that. But we need to borrow for production. When we produce enough and export, we create a pathway for revenue generation. So we will be able to create jobs and pull people out of poverty.

“I am committed to fighting corruption head-on. I have to set an example by managing the resources of the state effectively. It begins with me. If this is done, you put corruption in check.”

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