Nigeria still creditworthy, can borrow more for infrastructure — Presidency

Presidential spokesman Bayo Onanuga has defended the Federal Government’s borrowing policy, saying Nigeria remains creditworthy and can still obtain more loans to finance critical infrastructure projects.

Onanuga made the remarks on Tuesday in a post on his X platform amid growing public criticism over the rising debt profile of the country.

According to him, Nigeria has not over-borrowed when compared with countries 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 stated.

The presidential aide described concerns and criticisms trailing the government’s borrowing plans as misplaced, insisting that opposition to the loans was driven by poor understanding of economic and financial realities.

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