We Can Take More Loans” — Onanuga Sparks Reactions Over Nigeria’s Borrowing Policy

Presidential spokesperson Bayo Onanuga has responded to growing public concerns over Nigeria’s rising debt profile, stating that the country has not exceeded safe borrowing levels when compared with other nations.....KINDLY READ THE FULL STORY HERE▶

In a post shared on X, Onanuga argued that Nigeria’s debt burden remains within a manageable range when compared with countries such as Egypt, South Africa, and Senegal. He maintained that Nigeria is still creditworthy and has the capacity to secure additional loans for development purposes.

He further said that criticisms of government borrowing often stem from a misunderstanding of how sovereign debt functions. According to him, loans are not inherently harmful when properly invested in infrastructure that supports economic growth.

Onanuga explained that borrowing becomes productive when channeled into critical sectors such as roads, electricity, transportation systems, and other infrastructure capable of boosting national productivity.

He urged that discussions around Nigeria’s debt situation should be based on factual analysis rather than political sentiment, stressing that strategic borrowing can contribute to long-term development.

In his words: “Nigeria has not over-borrowed compared to countries like Egypt, South Africa, and Senegal. Nigeria is creditworthy and can still take more loans to finance infrastructure. The unwarranted alarm against loans is symptomatic of economic and financial ignorance.”