Peter Obi: Nigeria's debt finances consumption, not investment

Peter Obi has criticized Nigeria's debt usage, stating it finances consumption, inefficiency, or corruption rather than investment. He cited World Bank data showing Nigeria's obligations at $18.7 billion, making it the world's third-largest debtor after Bangladesh ($23 billion). Obi contrasted Nigeria's economic decline (GDP below $250 billion, per-capita income $850-1000) with Bangladesh's growth (GDP $460-500 billion, per-capita income $2,700) over the same period. He argued borrowed funds should boost productivity and exports, not fund leakages, emphasizing that productive investment drives growth while consumption deepens stagnation.

SOURCE: https://dailypost.ng/2026/02/24/nigeria-only-borrows-to-finance-consumption-corruption-peter-obi/