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HomeBusinessPeter Obi reiterates plans on Nigeria's heavy debt profile

Peter Obi reiterates plans on Nigeria’s heavy debt profile

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The Presidential Candidate of the Labour Party, Dr. Peter Obi, has revealed plans to engage Nigerians lenders on a more convenient approach to offsetting the country’s overwhelming debt profile

 Obi, on Monday in a thread tweet, said it was evident that the country is groaning under it’s current throat-cutting repayment plan, which takes away more than 50% of the annual budget.

 Obi, While  addressing  the Nigerian Economic Summit Group, said of elected the President,  he would make the lenders see more reason to review and restructure the country’s outstanding s, to the benefit of the country 

Read Also: Pollster, Nextier, predicts Peter Obi’s victory

“We will work with the CBN to reduce the ‘ways and means’ to what is allowable under the law and for a more transparent and liberalized foreign exchange market,” Obi tweeted.

According to him, the cost of governance will be drastically reduced, and further reforms implemented to ensure that we have a fit for the purpose size of the government.

He touted a new budgeting system enshrined on the tenets of public accountability, objective setting, and program implementation which will be utilised and supervised by the office of the President.

“We will strive towards a zero-based national budget to overcome the mindset and reality of past non-performing national budgets routinely hampered by budgetary deficit overhangs,” he said

“In addition to the above, all security agencies, EFCC and ICPC will be strengthened to support our determination to fight and significantly reduce corruption.”

The presidential candidate of the Labour Party said that he will restore Nigeria’s macroeconomic stability through the removal of oil and other opaque subsidies, Fiscal and monetary policies are properly and transparently aligned in line with our vision for a new Nigeria

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