Presidency compares debt ratios with Egypt, South Africa says Nigeria can still borrow for infrastructure
President Bola Tinubu
Abdullateef Fowewe
Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga has defended Nigeria’s borrowing levels, saying the country has not over-borrowed relative to peers such as Egypt, South Africa and Senegal.
In a post via X on Tuesday, Onanuga pointed to Nigeria’s debt-to-GDP ratio of about 35% compared with figures “over 100%” in those countries, and argued that the nation remains creditworthy.
“Nigeria has not over borrowed compared to countries like Egypt, South Africa and West African country of Senegal.
“Nigeria is credit worthy and can still take more loans to finance infrastructure,” Onanuga wrote, adding that “the unwarranted alarm against loans is symptomatic of economic and financial ignorance.”
Onanuga emphasised that borrowing to fund productive projects including roads, power, transport and agriculture creates long-term assets and can boost growth.
He criticises what he described as “blanket political opposition” to such projects, saying that productive loans should be distinguished from irresponsible borrowing.
His remarks come amid public debate over the size and purpose of Nigeria’s external and domestic borrowing, with some critics on X warning of fiscal risks while supporters point to infrastructure gaps that could be closed through targeted loans.
