The Presidency has defended the federal government’s continued borrowing strategy, describing it as a critical tool for driving national development and revitalizing the economy.
At a media parley held in Lagos, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, addressed growing concerns over Nigeria’s rising debt profile. Onanuga emphasized that responsible borrowing, when channeled into productive ventures, should not be seen as a fiscal misstep.
“It is not a sin to borrow. Even developed nations like the United States of America and the United Kingdom borrow beyond their GDP,” Onanuga said. “The issue is not borrowing; it is what you do with the borrowed funds.”
The media interaction, which included other senior presidential aides, was organized to update the public on the administration’s economic achievements and future plans.
President Bola Tinubu, last week, submitted a formal request to the National Assembly, seeking approval for a combined external and domestic loan package totaling ₦34.15 trillion. The move has stirred debate among stakeholders, with some expressing concern over the nation’s growing debt burden.
Backing Onanuga’s position, the Special Adviser to the President on Public Communication, Sunday Dare, highlighted the necessity of borrowing for the realization of transformative infrastructure projects.
“We can’t build highways from Lagos to Calabar or Sokoto to Bida without borrowing. Projects like these wake up entire regions economically,” Dare noted.
The presidency reassured Nigerians that all loans would be transparently managed and directed toward key sectors such as infrastructure, energy, transportation, and job creation.
As debate continues in the National Assembly over the loan request, the government maintains that the borrowing strategy is designed to lay a solid foundation for long-term economic stability and inclusive growth.
