Former governor of Anambra State, Mr. Peter Obi, has said no government exists without securing the lives and property of the citizens.
Obi, who spoke at The Platform, a programme by the Covenant Christian Centre to mark Nigeria’s independence, yesterday, said the country needs to do something quickly and drastically on its present security situation.
“The number one job of any government in any society is to provide security for lives and properties. If you cannot do that then the government does not exist.”
Mr. Obi explained that one of the major things needed in the country to grow its economy is an investment but questioned how secured the nation is for investors.
He noted that security is a fundamental factor that attracts foreign investors.
According to Obi, there are major factors affecting the growth of the nation which is security, education and the economy, with emphasis on solving the current underemployment and unemployment situation.
He said Nigeria is borrowing and not impacting on the development of the country.
“One of the crises we face as a country is the high level of our debt accumulation. Today, Nigeria’s debt is about $28 trillion. Our debt to GDP is about 25 per cent. Singapore’s debt to GDP is 100 per cent. In Singapore, you can only borrow for capital projects that will pay itself back.
“Nigeria’s unemployment rate is over 25 per cent, global life expectancy is 75 years, while for Nigeria, it is 54 years.
“Nigeria is the only country where you have a low literacy rate of 51 per cent and this is caused by the nonchalant attitude towards our educational system”.
Mr. Obi stated that Nigeria is the home of the highest number of poor people on Earth, and in every minute, six Nigerians fall into poverty.
He said investors need peace to enjoy their dividends. Nobody is going to invest in an unsecured place no matter how huge the profit seems.
“Our 10 years budget in education is not up to South African’s one year budget in education A growing economy invests at least 4 percent to 5 per cent of the GDP in education. Education is not an expense, it is an investment. The more you invest in education, the better your society.
“The Chinese annual budget for education is 580 billion dollars.
“In the last 10 years, Nigeria has budgeted about N4.4 trillion, which at 305 is N14.4 trillion , which is not up to South African budget of $17 billion for education annually.
“If the money spent on subsidy was invested in education and health, it would have impacted positively in our economy at large.”