The Presidency has defended the Federal Government’s borrowing strategy, insisting that Nigeria still has the capacity to take more loans to fund major infrastructure projects across the country.
Presidential spokesman Bayo Onanuga made the statement on Tuesday while reacting to growing concerns from Nigerians over the country’s increasing debt profile and continuous borrowing by the government.
In a post shared on his X platform, Onanuga argued that Nigeria has not borrowed excessively when compared to other African nations like Egypt, South Africa, and Senegal.
According to him, the country remains financially credible and still qualifies for more international loans to support development projects, especially in critical sectors such as infrastructure.
“Nigeria has not over borrowed compared to countries like Egypt, South Africa and Senegal. Nigeria is creditworthy and can still take more loans to finance infrastructure,” Onanuga stated.
The presidential aide also dismissed criticisms surrounding the government’s borrowing plans, describing many of the concerns as unnecessary panic fueled by a poor understanding of economic and financial matters.
He insisted that borrowing is not automatically a bad thing if the funds are properly invested in projects that can improve the economy and drive national development.
“The unwarranted alarm against loans is symptomatic of economic and financial ignorance,” he added.
His comments have since triggered mixed reactions online, with some Nigerians defending the government’s position while others continue to express worries over the nation’s rising debt burden and repayment obligations.
Over the past few years, public concerns about Nigeria’s debt profile have continued to grow amid economic hardship, inflation, and the rising cost of living across the country.
Despite the criticism, the Federal Government has repeatedly maintained that borrowing remains necessary to finance infrastructure and stimulate economic growth.
Source: Statement by Presidential spokesman Bayo Onanuga via X.
