Savings better than borrowing, says Peter Obi at Dr Abraham Nwankwo's retirement day

www.odogwublog.com reports that the former Governor of Anambra State has enjoined states in Nigeria to imbibe the culture of savings regardless the prevailing economic condition.

Obi was speaking at the National Roundtable on Inflation organized in honour of the  retiring Director General of the Debt Office, Dr. Abraham Nwankwo at the Sheraton Hotel, Abuja.

In his opening remarks, Obi who poured encomiums on Dr. Nwankwo for his quality service to the country during his years as the DMO boss, appealed to other Nigerians to emulate his consistency and passion for things to be done in a manner that will be of benefit to the country.

Obi who said he did not owe nor borrow but rather saved money  as the Governor of Anambra State, said he was prompted to do so because throughout his tenure, what was uppermost in his mind was the future of the children of the State, describing borrowing as mortgaging the future." "If at the national level, the country had saved, we would not be experiencing the current recession."

 Though he said he was not entirely against borrowing, but he insisted that before individual or nations borrow, it must be for projects that would, beyond doubt, pay itself back.

On the way out, he said it was not too late to start savings and  called on those that are privileged to see themselves in the positions of authority to realize that a better future would not be built if they do not imbibe the culture of savings through cutting costs and prudent management of available resources.

The event which also witnessed the unveiling of the book "Inflation and the Structure of Aggregate Output", written by Dr. Abraham Nwankwo was attended by the Acting President(Rep), the Minister of Finance, Kemi Adeosun, many retired and serving Ministers, Financial Experts, National Assembly members, among others.