Special Adviser to the President on Information and Strategy, Bayo Onanuga, has described opposition to the Federal Government’s pursuit of foreign loans as “economic and financial ignorance.”
Onanuga’s remarks come amid growing criticism of the Tinubu administration’s borrowing plans, particularly following reports that the government is negotiating a fresh $1.25 billion loan facility with the World Bank.
Former Vice President Atiku Abubakar had earlier criticised the administration’s continued external borrowing, describing it as “reckless, opaque and dangerously habitual.”
Atiku argued that despite heavy borrowing, ordinary Nigerians have seen little improvement in infrastructure, power supply, and living standards.
In a statement, Atiku said the accumulating debt burden was becoming too heavy for Nigerians to bear, noting that citizens continue to face darkness, bad roads, collapsing businesses, and widespread hunger.
Similarly, former Labour Party presidential candidate Peter Obi expressed concern over Nigeria’s rising debt-servicing obligations.
He referenced President Tinubu’s recent disclosure that the country is projected to spend about $11.6 billion on debt servicing this year.Reacting to the criticisms, Onanuga insisted that Nigeria has not over-borrowed when compared to countries such as Egypt, South Africa, and Senegal.
“Nigeria is creditworthy and can still take more loans to finance infrastructure,” he said. “The unwarranted alarm against loans is symptomatic of economic and financial ignorance.”
The fresh loan facility, if approved, would rank among the largest single borrowings secured by the current administration.
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