Presidential spokesperson, Bayo Onanuga, has defended Nigeria’s rising debt profile, stating that the country has not exceeded safe borrowing limits when compared with other nations.
Naija News reports that Onanuga, in a post on 𝕏, said Nigeria’s debt level remains within a reasonable range relative to countries such as Egypt, South Africa and Senegal.
According to him, Nigeria remains creditworthy and still has the capacity to access more loans to finance development projects.
Onanuga argued that much of the criticism surrounding government borrowing stems from a misunderstanding of how national debt functions, noting that borrowing is not inherently problematic when properly utilised.
He explained that loans can be beneficial when channelled into critical infrastructure such as roads, power supply, transportation systems and other projects that enhance economic productivity.
The presidential aide maintained that public discourse on Nigeria’s debt should be guided by facts rather than political sentiment, stressing that productive borrowing can support long-term economic growth.
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.”
.png)
No comments:
Post a Comment