Fiscal Indiscipline Bane of Economic Stability, Development in Africa – Peter Obi

By Chris Udochukwu

ABUJA – Presidential candidate of the Labour Party (LP), in February 25, 2023 general election, Peter Obi has identified fiscal indiscipline as the bane of economic stability and development in Africa.

The former Anambra State governor stated this on Friday in Kenya at the Inaugural Colloquium on Governance, Trade and African Unity with the theme: Fiscal Discipline in Governance: Strategies for Economic Stability and Growth in Africa.

He disclosed this on saturday in a statement released via his X account (formerly twitter).

According to Obi, while progressive and rapidly growing economies like China, India, Indonesia, and Vietnam have been able to pull many of their people out of poverty through fiscal discipline and prudent management of their resources, Africa has thrown more people into poverty due to fiscal indiscipline and misappropriation of funds. As a result, sub-Saharan Africa is home to over 60% of extremely poor people, 60% of out-of-school children, and 60% of youth unemployment.

He therefore emphasized that governments in Africa must now, as a matter of priority, ensure appropriate fiscal discipline and effective management of their resources for productivity.

In his words: “African leaders cannot continue with the fiscal indiscipline that has led to unproductivity and consumption which has led to unserviceable debts, unemployment, and inflation, which has impoverished our people.

“Strict fiscal discipline must now be followed to ensure that all available resources are employed towards productivity in health, and education and pulling people out of poverty through job creation.

“We must, henceforth, stop investing in consumption and start investing in production for the economic growth and development of Africa. Adding that by so doing, we will be able to build a New and better Africa that will be beneficial to every African and that will rightfully take its place among other developed continents of the world. –

Leave a Reply

Your email address will not be published. Required fields are marked *