We can take more loans, Nigeria not borrowing like Egypt, South Africa, others – Presidency

The Presidency, on Tuesday, defended Nigeria’s borrowing profile, insisting that the country has not accumulated debt at the level of nations such as Egypt, South Africa and Senegal.

Presidential spokesman, Bayo Onanuga, stated this in a post on X while reacting to concerns over Nigeria’s rising debt profile under the administration of President Bola Tinubu.

According to Onanuga, Nigeria remains creditworthy and can still obtain more loans to finance infrastructure projects across the country.

“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. 

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

His remarks followed a post by an X user @Akinwumi who argued that Nigeria’s debt-to-GDP ratio remains lower than that of Egypt and South Africa.

The user maintained that loans used for infrastructure, electricity, transport, internet expansion, railway modernization, port reforms, agriculture and energy projects should be viewed as long-term investments capable of driving economic growth and national development.