Nigeria’s economy now on life support over N22.7trn national debt — Obi

RISING public anxiety over the nation’s economy re-echoed on Saturday with  former governor of Anambra State, Mr  Peter Obi, saying the country was now on a life support because of a huge debt profile.

Obi, who observed that the debt profile was at N22.7 trillion, spoke at the 2018 This Generation conference organised by the Summit Bible Church, with the theme: “Taking Responsibility, Making Nigeria Great” in Abuja.

He said the coming elections presented an opportunity for the people to effect a pragmatic change in leadership so that the country could get out of the woods.

Specifically, Obi called on Nigerians to vote out people who lacked the technical know-how to revamp the economy and render good services.

He urged that people who have ideas, capacity and have managed resources before should be brought forward to change the poor narrative.

“Our educational system is too low. Our per  capita income is 2000. And since your growth population is higher than the growth of your GDP the consequence in the future will be higher than what it is today.

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“China adopted the Millennium Development Goals when it was told that it had the poorest people in the world and it took over four hundred million people out of poverty,” he said, while expressing optimism that Nigeria will get it right someday.

The convener of the programme, Andy Osakwe, challenged youths to be active in politics. He said: “A lot of people tend to blame other people for the current state of our nation; it is time for us to take ownership of our condition and also our destiny.

“Even though different generations have taken different positions as to who is responsible for the not-so-great status of Nigeria today, there is a consensus on the fact that Nigeria already has within its borders all that is required to become one of the most secure and prosperous countries in the world.”

In 2017, Nigeria’s total debt profile hit N19.16 trillion after the country incurred a N7.1 trillion, according to the country’s Debt Management Office (DMO).

The total debt profile, according to the DMO, was incurred both internally and externally.