Nigeria owes over $90b, yet has nothing to show for it ― Peter Obi

The Vice Presidential Candidate of the Peoples Democratic Party in the last general election, Peter Obi, has lamented that Nigeria has a debt portfolio of $90 billion (N28 trillion) with nothing to show for it.
Obi said this on Tuesday when he appeared as Guest Speaker at a programme of The Covenant Christian Centre, The Platform.
It had the theme: “Re-designing the Nigerian Economy with New Ideas.”
Obi said Nigeria in 2017 spent over N1.6 trillion to service debt and N2.9 to service debt in 2018, adding: “Yet, there was nothing to show for it.”
The former governor of Anambra State said while other nations borrowed to embark on developmental projects, Nigeria borrowed to consume, adding that such situation made growth impossible.
He said: “The problem is not about debt, but what you use your money to do.
“Nigeria is home to the highest number of poor people living in extreme poverty in the world.
“Nigeria now has more people living in extreme poverty than any other country in the world.
“Every minute, six Nigerians fall into extreme poverty.”
Obi warned that the country is like a keg of gunpowder on the verge of exploding with over 22 million young people in their productive years unemployed, adding: “It is worrisome.”