Peter Obi says he will stop monthly sharing formula and start production formula if elected president

A presidential candidate under the Peoples Democratic Party (PDP) platform, Peter Obi, has said that if elected president of Nigeria, he would stop the usual formula of monthly income sharing and replace it with a formula of production.

This was made known by Peter Obi, as he addressed PDP delegates in Calabar ahead of the party’s upcoming presidential primary on May 28-29.

Obi, an industrialist and former governor of Anambra State, said it was important for everyone to be productive if the nation was to survive, adding that other countries around the world were busy producing while Nigeria was busy sharing and consuming.

What the presidential hopeful says

According to NAN, Obi said this is not a time to dance and celebrate as a nation, but a time to work and fix the badly battered nation due to our celebration of bad things.

He said, “Nigeria is a nation of over 200 million people, of whom around 100 million live in poverty, over 18 million children out of school, of whom around 10 million are girls.

“We have an unemployment rate of 35% and if we add underemployment it will rise to over 50%, many of whom are young people of working age, so we cannot celebrate.”

Nigeria borrows for consumption rather than production

Obi, who acknowledged that there was nothing wrong with borrowing as a nation because the world’s largest economies were also indebted, lamented that Nigeria’s problem was that it was borrowing for consumption.

He said, “The consequence of borrowing for consumption today is that Nigeria spends over 90% of its income on debt servicing without much production for it.

“Exporting crude oil did not save Venezuela or any country, we need to invest in our huge landmass and grow our economy like other countries like Singapore, Vietnam and even Morocco have done with the tourism.”

He called on party delegates to put less emphasis on sharing money, as many politicians would come to share money, but when voting they should consider the future of their children.

What you should know

  • Recall that on March 25, Peter Obi, formally declared that he was running for the post of president in 2023.
  • Peter Obi said in an April interview that if elected president, Nigeria would rather starve than borrow for consumption, warning that borrowing for consumption has not favored Nigeria.
  • Other presidential candidates under the PDP platform include former Vice President Atiku Abubakar, Bauchi State Governor Bala Mohammed, Rivers State Governor Nyesom Wike; Governor of Sokoto State, Aminu Tambuwal; Governor of Akwa Ibom, Udom Emmanuel; the former President of the Senate, Pius Anyim; former Senate President Bukola Saraki, among others.

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