The presidential candidate of the Labour Party, Peter Obi has said he will embrace borrowing only when it becomes unavoidable, adding that it will be strictly for regenerative purposes and production.
Obi made this assertion while rolling out his governance agenda to Nigerians in the diaspora in Michigan, United States, on Monday.
He said, “We shall pursue a drastic reduction in cost of governance and corruption; Improve ease of doing business to attract FDI to jumpstart industrialization and when borrowing is unavoidable, it will be strictly for regenerative purposes and production.”
The Labour Party candidate, who spoke on the theme, “Nigeria Diaspora and Capacity Building,” stated that if elected president, his administration would drastically reduce the cost of governance.
In a statement issued by the Obi-Datti Media office on Tuesday, Obi noted that the reduction in cost of governance will help reduce the nation’s debt and tackle corruption.
On power, Obi said, “Even though I am aware that power has been moved from exclusive list to concurrent list, we will go beyond it; we will aggressively support the private sector to invest in the power chain through a multifaceted approach particularly the transmission infrastructure.
“As we all know, two components of the power sector (generation and distribution) have been privatized and liberalised leaving the most critical component (transmission) in the hands of the government which is causing inefficiency and darkness.
“We will, therefore, vigorously pursue the liberalization of the transmission infrastructure in addition to a robust power mix- embedded power and renewable energy,” he said.
Meanwhile, Obi expressed appreciation for the youths and encouraged them to be more resilient.
He said, “The journey to rescue Nigeria could not have gained momentum without the proactive role of our youth. I salute them.
“The race is far from over; the campaigning has only just started. Yet I am confident that given their resilience, they will stay the course,” he added.