The Presidency has defended its borrowing policy, asserting that taking loans is not inherently wrong when done responsibly and directed toward national development.
During a media briefing in Lagos, presidential aides addressed concerns over Nigeria’s growing debt profile while highlighting the administration’s economic performance. This comes after President Bola Tinubu submitted a request to the National Assembly last week, seeking approval for additional domestic and external loans amounting to ₦34.15 trillion.
In response to public criticism, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said:
“It is not a sin to borrow. Even developed nations like the United States and the United Kingdom borrow beyond their GDP. The real issue is not the act of borrowing but how the borrowed funds are used.”
Onanuga emphasized that Nigeria, given its large population and relatively small budget, must adopt pragmatic approaches to meeting its financial obligations.
“We are a poor country with a large population. Nigeria’s budget is smaller than South Africa’s. We must stop deceiving ourselves about what we can fund without borrowing,” he added.
