Ex-Governor Anambra governor Peter Obi Thursday said that Nigeria is currently experiencing a harsh economic condition because President Muhammadu Buhari regime was borrowing for consumption and not for investments.

Mr Obi in a series of tweets on Thursday faulted the Buhari regime for its continued borrowing, saying that the country spends 90 per cent of its revenue to pay debts.

“Our past and continued mismanagement of borrowed funds and borrowing for consumption are the major contributors to the monumental economic challenges confronting Nigeria today,” Mr Obi said.

“Today, we are spending 90% of our revenue servicing debts because, ironically, our borrowed funds were mismanaged and have not been properly invested,” He added.

Noting that there is nothing wrong with borrowing, the former governor suggested that a law be put in place to ensure that every borrowed fund be strictly utilised on investments and the growth of the country’s economy.

“If the funds borrowed were invested in critical areas of development, education, health and poverty alleviation, Nigeria would have developed far beyond what it is today,” he added.

Mr Obi comments come as the Buhari regime continues to take on loans to service the country’s economy.

In April, the Senate approved $1.5 billion and €995 million external borrowings which were part of the $5.5 billion and €995 million external borrowings sought for by the president in May last year to finance the country’s budget.

According to the Nigerian Domestic and Foreign Debt Report, published in 2021  by the National Bureau of Statistics (NBS), the country’s total public debt as of September 2020 stood at N32.2 trillion ($84.57 billion)