The Presidency has defended Nigeria’s borrowing policy, insisting that the country remains creditworthy and can still access additional loans to finance critical infrastructure projects.
Presidential spokesperson Bayo Onanuga made this known on Tuesday in a post shared on his X handle, amid growing public concern over Nigeria’s rising debt profile.
According to him, Nigeria has not over-borrowed when compared with other African countries such as Egypt, South Africa, and Senegal.
“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,” he stated.
Onanuga argued that criticisms of the government’s borrowing plans are misplaced, adding that such concerns stem from a poor understanding of economic and financial realities.
He further described opposition to the administration’s loan requests as “unwarranted alarm,” insisting that it reflects economic and financial ignorance.
The remarks come as debates continue over the country’s increasing debt burden and the government’s reliance on external and domestic borrowing to fund development projects.