Presidency Defends Tinubu’s Borrowing, Says Nigeria Not Over-Borrowed

By George Omagbemi Sylvester

The Presidency has defended the borrowing policy of President Bola Ahmed Tinubu’s administration, insisting that Nigeria is not over-borrowed when compared with several other developing economies. Presidential aides argued that government loans are being directed toward infrastructure development, economic reforms, and long-term national growth.

Speaking on the rising concerns over Nigeria’s debt profile, presidential officials maintained that borrowing is a normal economic strategy used globally to finance critical projects and stabilize economies.

They noted that countries such as Egypt and South Africa currently maintain higher debt levels relative to their economies than Nigeria.

The Presidency further argued that many of the loans obtained under the Tinubu administration are tied to infrastructure projects expected to boost productivity, trade, transportation, and investment across the country.

Officials also defended borrowing as necessary to close budget deficits and fund development programmes amid declining revenues and global economic pressure.

However, critics continue to express concern over Nigeria’s growing debt burden and rising debt-servicing costs.

Opposition figures and economic analysts have warned that excessive borrowing without strong revenue generation may increase inflation, weaken the naira, and place heavier financial pressure on future generations.