The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended Nigeria’s rising debt profile, insisting that the country is not over-borrowed compared to several other African nations.
Reacting in a post on X, Onanuga argued that critics of government borrowing often misunderstand public finance and Nigeria’s actual debt position.
He stated that Nigeria has not borrowed excessively when compared with countries such as Egypt, South Africa, and Senegal, adding that the country remains credit-worthy and still has room to access loans for infrastructure development.
According to him, opposition to government borrowing reflects a lack of understanding of economic and financial realities, describing such concerns as “unwarranted alarm.”
His comments followed a post by an X user, Akinwumi, who compared the debt profiles of different countries, noting that Egypt’s debt stands at over $400 billion with a GDP of about $390 billion, while South Africa’s debt is about $580 billion against a GDP of $420 billion.
The comparison also showed Nigeria’s debt at about $110 billion with a GDP of roughly $340 billion, resulting in a lower debt-to-GDP ratio of around 35 percent. The debate comes amid rising public concerns over Nigeria’s borrowing under the Tinubu administration, with critics warning about debt servicing pressures and economic hardship, while the government maintains that loans are necessary for infrastructure and key sectors.
Elijah Adeyemi
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