It is not a sin to borrow – Presidency

Monday, June 2, 2025 - The Presidency has defended its borrowing strategy, emphasising that taking loans is not inherently wrong when done responsibly and used to drive development.

During a media briefing in Lagos, presidential aides highlighted the administration’s economic performance and addressed concerns about Nigeria’s rising debt profile. Last week, President Bola Tinubu submitted a request to the National Assembly seeking approval for additional external and domestic loans totalling ₦34.15 trillion.

Responding to criticism, Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated

“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 stressed that Nigeria, with its large population and limited budget, must adopt realistic strategies to fund its needs.

“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.”