Presidency Says Borrowing Is Not a Sin, Cites Developed Nations Like USA and UK

At a Lagos media briefing, presidential aides underscored that borrowing isn’t inherently negative—when done prudently and aimed at growth, it’s a necessary part of governance.

They highlighted the administration’s economic achievements while addressing worries over Nigeria’s rising debt. Recently, President Bola Tinubu requested the National Assembly’s approval for new external and domestic loans amounting to ₦34.15 trillion.

In response to critics, Special Adviser on Information and Strategy, Bayo Onanuga, emphasized the responsible nature of this borrowing approach.

“It is not a sin to borrow. Even developed nations like the United States and the United Kingdom borrow beyond their GDP. The real issue is not the act of borrowing but how the borrowed funds are used.”

Onanuga stressed that Nigeria, with its large population and limited budget, must adopt realistic strategies to fund its needs.

“We are a poor country with a large population. Nigeria’s budget is smaller than South Africa’s. We must stop deceiving ourselves about what we can fund without borrowing.”