Presidential spokesperson, Bayo Onanuga, has reacted to public debate over Nigeria’s rising debt, saying the country has not borrowed beyond what is considered safe when compared with some other nations.
PrimeTimes Nigeria reports that in a post on 𝕏, Onanuga said Nigeria’s debt level is still within a reasonable range when placed side by side with countries like Egypt, South Africa and Senegal. According to him, Nigeria remains credit worthy and still has room to access more loans for development projects.
Onanuga argued that criticism of government borrowing is often based on misunderstanding of how national debt works. He said loans are not a problem when they are used to finance infrastructure that can support economic growth.
He explained that borrowing becomes useful when directed toward projects such as roads, power, transport systems and other infrastructure that can improve productivity in the country.
The presidential aide maintained that ongoing discussions around Nigeria’s debt should be guided by facts rather than political emotion, adding that productive borrowing can help drive long-term development.
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.”