Presidential spokesman Bayo Onanuga has defended the Federal Government’s borrowing policy, insisting that Nigeria remains creditworthy and capable of securing additional loans to fund critical infrastructure projects.
Onanuga made the remarks on Tuesday in a post on his X platform, amid growing public criticism over the country’s rising debt profile.
According to him, Nigeria’s level of borrowing remains within acceptable limits when compared with 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.
The presidential aide dismissed concerns about the government’s debt accumulation, describing such criticisms as misplaced.
He argued that opposition to new loans reflects a poor understanding of economic and financial realities.
“The unwarranted alarm against loans is symptomatic of economic and financial ignorance,” Onanuga added.
