You Lack Knowledge Of Basic Economics – BMO Attacks Peter Obi For Saying Buhari Wasted Loans Obtained By His Government

You Lack Knowledge Of Basic Economics – BMO Attacks Peter Obi For Saying Buhari Wasted Loans Obtained By His Government

Peter Obi, the presidential candidate for the Labour Party, has been charged with ignorance by the Buhari Media Organization (BMO) over a recent remark he made on loans received by the Muhammadu Buhari administration.

The group claimed Obi’s remarks regarding the Buhari administration just demonstrated his ignorance of the economy. In a statement released by BMO’s Chairman Niyi Akinsiju and Secretary Cassidy Madueke on Thursday, the bank said that Obi’s assertion that all borrowing since 2015 has been a waste of money demonstrates his propensity to play to the crowd by making unfounded statements.

Reportedly, Obi criticized the Buhari administration of wasting all the money and taking needless loans to increase the country’s enormous debt load during a lecture at Chatham House in London, as reported by Jevibe News. The BMO responded to the LP candidate, however, claiming that his remarks on the economy and the country’s debt profile are an open display of economic incompetence.

Also Read: Reno Omokri reveals three reasons why Nigerians should not vote for Peter Obi.

It added that all the projects the loans taken by the Buhari administration were used for are clearly displayed on the website of the Debt Management Office (DMO).

The group said: “It is shocking that a man who postures as one with an understanding of economics, with spurious statistics, would use the opportunity of a global stage to make an outlandish claim about the country’s debt stock under President Buhari.

You Lack Knowledge Of Basic Economics – BMO Attacks Peter Obi For Saying Buhari Wasted Loans Obtained By His Government

You Lack Knowledge Of Basic Economics – BMO Attacks Peter Obi For Saying Buhari Wasted Loans Obtained By His Government

“Yes, the Buhari administration has added to the debt he inherited in 2015, yet only the ignorant, or in some cases people with mischievous intentions, would carelessly say that all monies borrowed since 2015 were wasted.

“But because of his penchant for grandstanding, a man who delights in quoting figures from far flung places to make unverifiable points, conveniently forgot that the Debt Management Office (DMO), the agency which manages the country’s debt, has a fact sheet on its website on what the Buhari era debt are used for.”

The group suggested Obi was only trying to be mischievous by condemning the borrowings by the Buhari government and at the same time, justifying the borrowings by the government of other nations.

It urged Nigerians to continue to fact-check Obi’s claims in order not to be misled.

It added: “In one breath, the LP Presidential candidate said there was nothing wrong with borrowing and noted that more developed countries including US and Japan are owing 100 and 230% of their respective GDPs, yet in another breath, he sees a lot wrong with that of Nigeria which is And for the records, most of the loans taken by the Buhari administration are not only tied directly to infrastructural projects including those abandoned by previous administrations, they also do not involve transfer of funds to Nigerian entities.

“The DMO website which Obi and his handlers did not even bother to check has a full list of ongoing road rehabilitation and construction works as well as rail projects and airport expansion being carried out with these loans. We urge them to take a proper look at what is there.

“When they do, they will find that what Obi described as nothing is what the agency termed as ‘projects that have the added benefits of job creation, not only by themselves but through direct and indirect service providers, a number of which are Small and Medium Enterprises’.

“Let us add here that the same Peter Obi had been quoted on more than one occasion as saying that infrastructure cannot be used to stimulate economic growth, and then went on his usual trajectory of citing Bangladesh and Singapore as examples when indeed it is widely accepted globally that investment in infrastructure is one of the most effective tools for achieving economic growth and development”.