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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.
Presidential spokesman, Bayo Onanuga, said this 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.
“Compared to countries like Egypt, South Africa and West African country of Senegal Nigeria has not over borrowed. Nigeria is creditworthy and can still borrow more to fund infrastructure.
“The irrational panic against loans is a symptom of economic and financial illiteracy,” he wrote.
His comments came after an X user @Akinwumi posted that Nigeria’s debt-to-GDP ratio is still lower than Egypt and South Africa.
The user said loans for infrastructure, electricity, transport, internet expansion, railway modernization, port reforms, agriculture and energy projects should be viewed as long-term investments that can propel economic growth and national development.
