The Presidential Candidate of the Labour Party, Peter Obi, stated that the Federal Government should only borrow for production projects
According to The PUNCH, Obi stated this through a press statement, Obi stated that federal borrowing for consumption must cease and be redirected towards regenerative projects, adding that, if elected, his administration would reduce the cost of governance in the nation.
He added that the nation must look beyond oil and forward to growth-enabled entrepreneurship by expanding physical infrastructure via market-driven reforms.
Obi said, “We therefore intend to leapfrog Nigeria from oil to the Fourth Industrial Revolution by expanding physical infrastructure through market-driven reforms that will unleash growth-enabling entrepreneurship and market-creating innovations.
“We shall pursue a drastic reduction in cost of governance and corruption, improve ease of doing business to attract Foreign Direct Investment to jumpstart industrialisation and when borrowing is unavoidable, it will be strictly for production.
“Whatever oil we still have will be refined domestically. These measures along with ending the leakages, including the subsidy regime and improving our tax regime should do the magic of moving Nigeria from consumption to production.
“It is also imperative that henceforth, we should strive to operate within available resources and strive for a balanced national budget as cost saving measures.”
The LP candidate further said that legal framework would be enforced to protect foreign investors and their indigenous partners.
“We will enforce the legal framework protecting foreign investors and their indigenous partners. This is the only way to temper monopoly and capital flight.” He said