Nigeria can take more loans - Presidency defends borrowing profile
Presidency defended Nigeria's borrowing profile Tuesday, insisting the country remains creditworthy and hasn't accumulated debt at levels of Egypt, South Africa and Senegal. Presidential spokesman Bayo Onanuka called concerns about rising debt "symptomatic of economic and financial ignorance." The statement comes amid debates about Nigeria's debt-to-GDP ratio, which an X user argued remains lower than Egypt and South Africa. Nigeria plans to use additional loans for infrastructure projects including electricity, transport, internet expansion, railway modernization, port reforms, agriculture and energy development nationwide. Nigeria's economic team views these loans as long-term investments capable of driving economic growth and national development. This stance shows the government's confidence in Nigeria's economic trajectory despite growing debt concerns across the country. With Nigeria's infrastructure needs estimated at ₦3 trillion annually, will you support additional borrowing for development projects, prioritize debt reduction, or find alternative financing mechanisms to balance growth with fiscal responsibility?