Presidential spokesperson Bayo Onanuga has defended Nigeria’s growing borrowing profile, insisting that the country remains financially stable and still has the capacity to secure more loans for infrastructure development.
In a statement shared on X, Onanuga argued that Nigeria’s debt situation is being exaggerated by critics who fail to properly understand economic realities.
He was replying to a tweet by a political observer @Big-marvis who wrote;
“Egypt’s total debt is estimated at over $400 billion, with a GDP around $390 billion — debt-to-GDP above 100%.
“South Africa’s debt is about $580 billion, with GDP around $420 billion — roughly 135% debt-to-GDP.
“Nigeria’s total public debt is about $110 billion, with a GDP around $340 billion — roughly 35% debt-to-GDP.
“Yet some people keep shouting that Nigeria is the “loan capital of the world.”
He added; “But the same people praise countries that borrowed far more aggressively to build infrastructure and grow their economies.
“The difference between productive borrowing and reckless borrowing is simple: what the money is used for.
“If loans are used to build roads, expand electricity, improve transport, increase internet access, modernize ports, support agriculture, and attract investment, those are long-term national assets.
“President Bola Ahmed Tinubu says the focus is on infrastructure that can improve productivity and economic growth across Nigeria.
“Criticism is normal in democracy, but opposing every single project simply because of politics helps nobody.”
According to Onanuga, Nigeria’s debt level remains lower compared to several African countries, including Egypt, South Africa, and Senegal.
He wrote:
“Nigeria has not over borrowed compared to countries like Egypt, South Africa and West African country of Senegal.”
The presidential aide further maintained that Nigeria is still considered creditworthy in the international financial system and can continue to access loans when necessary.
According to him:
“Nigeria is credit worthy and can still take more loans to finance infrastructure.”
Onanuga also dismissed concerns raised by critics over the country’s borrowing trend, describing such reactions as misplaced and uninformed.
He added:
“The unwarranted alarm against loans is symptomatic of economic and financial ignorance.”