Nigeria can take more loans, Presidency says, unlike Egypt, South Africa and others.

The Presidency defended Nigeria’s borrowing stance on Tuesday, arguing that the country has not accrued debt to the same extent as Egypt, South Africa, or Senegal.

Presidential spokesman Bayo Onanuga made the remarks in a post on X, responding to concerns about Nigeria’s increasing debt under President Bola Tinubu.

Onanuga said Nigeria remains creditworthy and can still secure additional loans to fund infrastructure projects nationwide.

“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,” he wrote.

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

The comments followed a post by X user @Akinwumi, who noted that Nigeria’s debt‑to‑GDP ratio is lower than that of Egypt and South Africa.

Akinwumi argued that loans directed toward infrastructure, electricity, transport, internet expansion, railway modernization, port reforms, agriculture and energy projects should be seen as long‑term investments that can spur economic growth and national development.