President Bola Tinubu’s government says Nigeria has not borrowed beyond reasonable limits when compared to some African countries such as Egypt, South Africa and Senegal.
Specifically, presidential spokesman Bayo Onanuga stated this on Tuesday, via a post on X, formerly Twitter.
“Nigeria has not over-borrowed compared to countries like Egypt, South Africa and West African country of Senegal,” Mr Onanuga said.
Mr Onanuga noted that Nigerians kicking against Mr borrowing’s spree were ignorant.
“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,” Mr Tinubu’s spokesman explained.
Mr Onanuga was following up on a comment by a netizen, Akinwumi, who compared Nigeria’s debt-to-GDP ratio with those of Egypt and South Africa.
The X commenter stated that while Egypt’s total debt was estimated at over $400 billion, with a GDP around $390 billion — debt-to-GDP above 100 per cent, South Africa’s debt was about $580 billion, with GDP around $420 billion — roughly 135 per cent debt-to-GDP.
The netizen further noted that Nigeria’s total public debt was, however, about $110 billion, with a GDP around $340 billion — roughly 35 per cent debt-to-GDP.
The Twitter commenter excoriated Nigerians for criticising Mr Tinubu’s penchant for borrowing.
“If loans are used to build roads, expand electricity, improve transport, increase internet access, modernize ports, support agriculture, and attract investment, those are long-term national assets.
“President Bola Ahmed Tinubu says the focus is on infrastructure that can improve productivity and economic growth across Nigeria. Criticism is normal in democracy, but opposing every single project simply because of politics helps nobody,” the netizen added.
The comments came against the backdrop of Nigeria’s raising debt burden under Mr Tinubu. Data released by the Debt Management Office in April revealed that the country’s total public debt increased to N159.28 trillion as of December 31, 2025.
Despite concerns by opposition figures warning the APC government against reckless borrowing, Mr Tinubu insisted the country must borrow to grow.
