“Not Over-Borrowed!” – Nigeria Creditworthy and Ready for More Infrastructure Loans, Onanuga Declares

Presidential spokesman Bayo Onanuga has defended the Federal Government’s borrowing strategy, asserting that Nigeria is still creditworthy and capable of obtaining additional loans to fund critical infrastructure projects.

In a post on his X account on Tuesday, Onanuga responded to growing public criticism over the country’s rising debt profile.

He argued that Nigeria has not over-borrowed when compared to nations like Egypt, South Africa, and Senegal. “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,” he stated.

The presidential aide dismissed concerns over the government’s borrowing plans as misplaced, insisting that opposition to the loans stems from a poor grasp of economic and financial realities.

“The unwarranted alarm against loans is symptomatic of economic and financial ignorance,” Onanuga added.