Peter Obi urges FG to invest borrowed funds

A former Governor of Anambra, Mr Peter Obi, has called on the Federal Government to invest the funds being borrowed in profitable ventures to enhance the nation’s socioeconomic development.

Obi made the call on Thursday, while speaking with newsmen shortly after his courtesy visit to Oyo State Governor, Mr Seyi Makinde, in Ibadan.

It was reported that Obi, who is the Pro-Chancellor of Dominican University Ibadan, led top management of the institution on the courtesy visit.

He said that debt was not bad when rightly applied and used for investment that would improve the economy.

According to him, but borrowing for consumption is bad.

The former governor said that the economy would have been doing better if funds borrowed had been invested and rightly spent.

Obi, a Vice Presidential Candidate of the Peoples Democratic Party (PDP in 2019 elections), urged government to use the funds wisely.

According to him, what develops a nation is education, health and things that can pull people out of poverty.

Obi said that more people would be thrown into poverty, if government failed to invest in those things that would improve the economy.

On the newly signed Petroleum Industry Act by President Muhammadu Buhari, he said the law was needed.

“But, the government would have considered the five per cent being demanded by the host communities.

“We must learn to care for those who are generating resources for us, whether it is petroleum, VAT or other things.

“We should consider supporting communities or areas where we generate the income we are sharing,” he said.

On the forthcoming Anambra Governorship election, the former governor called for the conduct of a free, fair and credible election.

He said that votes of the people should count, urging politicians to stop preparing for election as if they were preparing for war.

Prof. Anthony Akinwale, Vice-Chancellor of the institution, said the delegation’s visit was to seek the intervention of Makinde on categorisation of the institution as a business enterprise by the state’s Board of Internal Revenue.

Akinwale also sought for assistance of the governor for provision of good road access to the proposed new campus of the University at Igbo-Owe in Akinyele Local Government area of the state.

Makinde had pledged to look into the demands by the management of the university in a way that would favour both parties.

He also thanked the Catholic community for being magnanimous to its host community and for contributing positively to the health and education sectors in the state.