Presidential spokesman, Bayo Onanuga, has defended the Federal Government’s borrowing strategy, insisting that Nigeria still has the capacity to secure additional loans for key infrastructure development projects.
Onanuga made the statement on Tuesday via his X account amid mounting public concerns over the country’s increasing debt burden.
He argued that Nigeria’s debt level remains moderate when placed alongside that of 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 further dismissed the criticism surrounding the government’s borrowing plans, describing the backlash as a reflection of limited understanding of economic and financial matters.
“The unwarranted alarm against loans is symptomatic of economic and financial ignorance,” Onanuga added.
