Peter Obi Debunks Receiving $150m Diaspora Funding

I’ll Substitute Sharing Formula With Production Formula — Peter Obi

One of the Presidential aspirant of the Peoples Democratic Party (PDP). Mr Peter Obi has said that if voted into power he will replace sharing formula of monthly allocation with production formula. Information Guide Nigeria

Obi, an industrialist, said this in Calabar when he visited delegates of the PDP toward the forthcoming party’s presidential primary of May 28 and May 29. VANGUARD reports.

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“Nigeria is a nation of over 200 million people with about 100 million living in poverty, over 18 million out of school children out of which about 10 million are girls. jamb results

“We have 35 per cent unemployment rate and if we add underemployment it will rise to over 50 per cent, many of which are youths in their productive age, so we cannot be celebrating,” he said.

The astute economist said there was nothing wrong in borrowing as a nation as the largest economies in the world were also in debt but the problem of Nigeria was that it was borrowing for consumption.

“The consequence of borrowing for consumption today is that Nigeria is spending over 90 per cent of its revenue to service debts without much production to show for it.

“Exporting crude oil has not saved Venezuela or any country, we need to invest in our massive land mass and grow our economy like other nations such as Singapore, Vietnam and even Morocco has done with tourism,” he maintained.