Peter Obi, a presidential candidate for the Labour Party, has said that Nigeria’s economic crisis is due to an unbalanced budget.
On Sunday in Abuja, during a presidential town hall meeting, Obi noted that Nigeria’s budget was marked by pointless loopholes.
He continued by saying that the nation’s economy had suffered greatly due to the high costs of governance.
But if elected the following year, he pledged to reduce government spending and promote economic growth.
Obi said: “Making the economy grow comes with a lot of things. But I think it’s important we deal with the high costs of governance. Our budget must be rid of unnecessary allocations. If costs of governance are cut down, we devote about N14trillion to take care of other important issues.
“On the issue of borrowing, there is nothing wrong in that. But we need to borrow for production. When we produce enough and export, we create a pathway for revenue generation. So we will be able to create jobs and pull people out of poverty.
“I am committed to fighting corruption head-on. I have to set an example by managing the resources of the state effectively. It begins with me. If this is done, you put corruption in check.”