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.”
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