Obi slams FG over lavish borrowing, spending
•Says debt burden’ll soon wreck economy LABOUR Party, LP, presidential candidate during the February 25, 2023 General Elections, Peter Obi, has kicked against what he described as Federal Government’s disturbing pattern of huge borrowing and profligate spending on non-essential procurements, warning that such pattern would soon wreck the economy. The former Anambra State governor also condemned Federal Government’s securitization of Ways and Means borrowing from the CBN which he said is against the law and the Central Bank of Nigeria, CBN, act which stipulates the limit of FG’s borrowing from the CBN not to exceed 5 per cent of the previous year's revenue. In a statement yesterday, titled ‘Debt and Waste as Economic Policy’ Obi said that the current trend of FG’s lavish spending backed only by equally lavish borrowing is unsustainable and would wreck the economy in due course. He said: “What is emerging is a disturbing pattern of huge borrowing and profligate spending on nonessent...