The Presidency has defended Nigeria’s rising debt profile, saying the country is still within a safe borrowing range compared to several African nations.
Presidential spokesman Bayo Onanuga made the statement on Tuesday while reacting to growing public concerns about the level of borrowing under the administration of President Bola Tinubu.
In a post shared on X, Onanuga argued that Nigeria’s debt situation is not as severe as that of countries like Egypt, South Africa and Senegal.
According to him, Nigeria still has the financial strength and credibility to secure more loans, especially for major infrastructure and development projects.
He maintained that borrowing for critical sectors such as transportation, power supply, rail systems, internet expansion, agriculture and energy should be seen as investments capable of improving economic growth over time.
Onanuga also criticised what he described as excessive panic over government loans, insisting that many criticisms were based on poor understanding of economic and financial management.
His reaction followed comments by an X user identified as @Akinwumi, who pointed out that Nigeria’s debt-to-GDP ratio remains lower than that of some other African economies.
The user argued that loans used to build roads, improve electricity, modernise ports, expand rail lines and support key sectors of the economy could help strengthen long-term national development rather than damage the economy.