The Presidency on Tuesday defended Nigeria’s borrowing profile, insisting that the country has not accumulated debt at the level of nations like Egypt, South Africa and Senegal.
This was said by presidential spokesman, Bayo Onanuga, in a post on X, in response to concerns over Nigeria’s rising debt profile under the administration of President Bola Tinubu.
Onanuga said Nigeria is still creditworthy and capable of getting more loans to fund infrastructure projects across the country.
“Nigeria has not overborrowed compared to countries like Egypt, South Africa and West African country of Senegal. Nigeria is credit worthy and can still borrow more to fund infrastructure.
“The irrational panic against loans is a symptom of economic and financial illiteracy,” he wrote.
His remarks came after an X user @Akinwumi posted that Nigeria’s debt to GDP ratio is still lower than Egypt and South Africa.
Loans for infrastructure, electricity, transport, Internet expansion, railway modernization, port reforms, agriculture and energy projects should be seen as long-term investments that can drive economic growth and national development, the user said.
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