Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), has urged Nigeria to adopt a borrowing model similar to that of South Africa, emphasizing the importance of transparency in the utilization of borrowed funds. In a recent post on his verified X handle, Obi highlighted that while borrowing is a common practice among nations, the critical aspect lies in how the funds are deployed and the tangible benefits they provide to citizens. He cited South Africa's recent $1 billion loan from the New Development Bank as a prime example of accountable borrowing, where the purpose and expected outcomes are clearly defined. Obi expressed concern over Nigeria's rising public debt, which has escalated from approximately ₦87 trillion in 2023 to nearly ₦200 trillion, and criticized the lack of transparency regarding how these funds are being used to address essential sectors such as education, healthcare, and infrastructure.
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