The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on Nigeria to adopt a more transparent and accountable approach to public borrowing, citing South Africa’s model as an example worth emulating.
Obi made the call in a post shared on his verified X account on Thursday, where he stressed that borrowing in itself is not a problem, provided the funds are transparently managed and directed toward projects that deliver measurable benefits to citizens.
The former Anambra State governor described South Africa’s borrowing pattern as a model of accountable governance, noting that the purpose of the loans is clearly defined, the projects are identifiable, and the expected outcomes are measurable.
According to him, investments financed through borrowing should be targeted at projects that improve living conditions, boost productivity, and stimulate economic growth.
Obi argued that governments must be able to account for every loan obtained by explaining the amount borrowed, where the funds were invested, and the tangible results achieved.
“The government must be able to clearly explain what was borrowed, where it was invested, and what measurable outcomes have been achieved,” he stated.
He further maintained that citizens should be able to directly experience the benefits of public debt through improved infrastructure, social services, and economic opportunities.
“The ordinary Nigerian should be able to see and feel the benefits of every debt incurred on their behalf,” Obi added.
His comments come amid ongoing discussions about Nigeria’s rising debt profile and the need for greater transparency and accountability in the management of public finances.
The former governor has repeatedly advocated prudent economic management, accountability in governance, and investments that directly improve the welfare of citizens.
