Nigeria Has Not Over-Borrowed Compared To Other Countries

Nigeria Has Not Over-Borrowed Compared To Other Countries – Presidency
He argues borrowing is justified when used for infrastructure development.
Critics urged to base debt discussions on facts, not political emotion.

Presidential spokesperson, Bayo Onanuga, has dismissed concerns over Nigeria’s rising debt profile, insisting that the country has not exceeded safe borrowing limits when compared with several other nations.

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EKO HOT BLOG reports that Onanuga made the clarification in a post on 𝕏, where he compared Nigeria’s debt situation with countries such as Egypt, South Africa, and Senegal.

He argued that Nigeria remains credit worthy and still has capacity to access additional loans for developmental projects.

According to him, criticisms of government borrowing often stem from a misunderstanding of how public debt functions in economic management.

Onanuga explained that borrowing is not inherently negative when it is channeled into productive infrastructure that supports growth and national development.

He noted that investments in roads, power supply, transport systems, and other critical infrastructure can help boost productivity and strengthen the economy.

The presidential aide maintained that public debate around Nigeria’s debt should be based on facts rather than political sentiment.

He wrote, “Nigeria has not over borrowed compared to countries like Egypt, South Africa and West African country of Senegal. Nigeria is credit worthy and can still take more loans to finance infrastructure. The unwarranted alarm against loans is symptomatic of economic and financial ignorance.”