Nigeria remains creditworthy and can borrow more for infrastructure, says Onanuga

Presidential spokesman Bayo Onanuga defended the federal government’s borrowing strategy, asserting that Nigeria remains creditworthy and can continue to secure loans for essential infrastructure projects.

Onanuga made the comments on Tuesday in a post on his X platform, responding to increasing public concern over the country’s rising debt levels.

He noted that Nigeria’s borrowing is not excessive when compared with nations such as 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 said.

The presidential aide characterized the criticism of the government’s borrowing plans as misplaced, arguing that opposition to the loans stems from a lack of understanding of economic and financial realities.

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

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