• About
  • Advertise
  • Careers
  • Contact Us
Tuesday, July 1, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

N41.6tr Debt: Nigeria Must Stop Borrowing for Consumption, says Peter Obi

by Yinka Okeowo
August 10, 2022
in Finance
0
UBA
Advertisements

Peter Obi, the Labour Party’s nominee for President, has forewarned the Federal Government under President Muhammadu Buhari against taking on further debt for consumption.

In a series of tweets posted on his verified Twitter account, @PeterObi, on Wednesday, Obi issued the warning.

He said, “As a matter of urgency, Nigeria must stop borrowing for consumption and only borrow to invest in regenerative development projects and other productive ventures.

“It’s ironic that states that received fiscal bailouts did not repay the loans and are still borrowing beyond their revenue earnings.

“Also, it has become imperative to restrict federal borrowings to the statutory 5 percent of the previous year’s revenue.”

TechEconomy reported – As of March 31, 2022, Nigeria owes N41.60trn or $100.07bn which represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory. 

Nigeria’s debt service which has hit N1.94 trillion has overshot the nation’s earnings by N310 billion

Loading

Advertisements
MTN ADS

Author

  • Yinka Okeowo
    Yinka Okeowo

    View all posts
0Shares
Tags: ConsumptionDebtLoans
Yinka Okeowo

Yinka Okeowo

Next Post
ZeePay in Ghana

Ghana’s Zeepay Gets Additional $10 Million Debt Funding From Verdant Capital

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

What to Expect from ‘5G Mokki Tech Spaces’

3 years ago
Virdi Nigeria at SECUREX West Africa

Virdi Nigeria Plans Integration of Artificial Intelligence into Biometrics Devices

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.