The Presidency has defended president Tinubu’s constant borrowing claiming it as an important agent for economic development, stating that it is not sin.

The statement was made by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, when top presidential aides gathered during a presidential media interaction held in Lagos to address the media on the economic performance and future outlook of Tinubu’s administration.

Bayo however, noted that the only time borrowing would be a sin is when the borrowed funds are not judiciously utilized.

The aides were asked several questions about the administration to which they answered.

When they were asked about Nigeria’s debt profile, Onanuga said; “It is not a sin to borrow. Even developed nations like the United States of America, USA and the United Kingdom, UK, borrow beyond their GDP. The issue is not borrowing; it is what you do with the borrowed funds.

“We are a poor country with a large population. We must stop deceiving ourselves, Nigeria’s budget is smaller than that of South Africa. We have to be realistic about what we can fund without borrowing.”

The aide who acknowledged that Tinubu’s first year in office was not so pleasing stated that despite all the turbulence, Nigeria’s macroeconomic indicators have improved significantly, today.

“We acknowledge that the first year of this administration was turbulent. We faced serious challenges, including inflation, forex instability, and legacy issues that were beyond our immediate control.

“Today, Nigeria’s macroeconomic indicators have improved significantly. This has not gone unnoticed; global institutions like the World Bank and International Monetary Fund, IMF, have commended our efforts and direction.

“Nigeria’s All Share Index has more than doubled from 50,000 in 2023 to over 110,000 in 2025.

“The country’s foreign reserves currently stand at $21 billion, up significantly from previous lows. Nigeria’s debt servicing has dropped from 97 percent of government revenue to under 60 percent, freeing up fiscal space for investment in social services,” he added.

The presidency further highlighted some major points initiated under Tinubu’s Government for economic inclusion, including the NELFUND programme.

Onanuga cited PPPs and innovative financing tools such as Infraco, tax credits and matching funds with state governments to finance critical road and housing projects.

“Over 600,000 students have benefited from the student loan scheme under NELFUND, among others.

“We are laying the groundwork for Nigeria’s industrial base through technical education and financial access,” he emphasized.

The aide further assured citizens that the Government is doing everything possible to make sure Nigeria is saved from the tough time it’s currently facing.

“We fully understand that Nigerians are going through tough times. But the government is not sitting idly.

“We have rolled out specific interventions to ease the burden, from bulk procurement of essential drugs under the medical pool initiative to direct agricultural support aimed at stabilizing food prices.

“We have also pushed for the adoption of Compressed Natural Gas, CNG, in transportation. Today, some ride-hailing drivers who used to make N10,000 weekly now earn that daily, just from savings on fuel.

“Also, the President approved a six-month waiver on rice importation. That move was deliberate to crash food prices and break the cycle of hoarding and artificial scarcity.

“We need to be honest with ourselves. Nigeria is not as rich as many people think. We are a large country with limited resources and an exploding population. The truth is, we must recalibrate our expectations and begin to manage our ambitions more realistically,” he stated.

In his remark at the gathering, the Special Adviser to the President on Public Communication, Mr Sunday Dare, said the only problem with borrowing in wastage supporting that if borrowed funds are utilized wisely, no one would complain.

“We can’t build highways from Lagos to Calabar or Sokoto to Bida without borrowing. Projects like these wake up entire regions economically. The real problem is not debt; it is waste. With proper utilization, borrowing is a tool for national transformation,” he said.

This is coming after President Bola Tinubu requested approval from the National Assembly, last week, for a fresh external and domestic loan to round up Nigeria’s debt to N34.15 trillion.

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