Peter Obi, the presidential candidate of the Labour Party in the 2023 general elections, has condemned the spending habits of President Bola Tinubu, stating that he is spending the country’s money on nonessential procurements, News About Nigeria reports.
Obi made this known in a statement on Monday, noting that the huge borrowing pattern of the president is disturbing and a cause for alarm.
According to him, the president was borrowing and spending the money on things that were not important, describing them as capital expenditures.
The former Anambra governor, noted that most of the capital expenditure items contained in the 2024 budget are procurement and luxury projects, adding that they are not sustainable and would wreck the economy in due course.
He also maintained that President Tinubu needs to put his borrowing and spending in check.
Obi further stated that if the President fails to halt the amount of borrowing and spending he does, it will sooner than later run the nation into greater risk of more turbulent economic waters.
He, therefore, urged stakeholders in the country to go beyond politics and partisan grandstanding to address the fundamental issues of rational economic management, adding that the current administration is not paying sufficient attention to these issues.
He noted that the government is rather piling up debts on the economy, thereby further burdening the already distressed populace, who are bearing the burden of harsh economic policies that have been put in place by the government and are not backed by compassionate cushioning policies.
