Presidential spokesman Bayo Onanuga has strongly criticised Peter Obi over his repeated attacks on Nigeria’s rising debt profile, insisting that borrowing remains a legitimate tool for national development.
Reacting to Obi’s concerns about multiple loan requests under President Bola Ahmed Tinubu, Onanuga dismissed the remarks as “demagoguery,” arguing that no serious economy operates without borrowing.
“Every sovereign nation borrows, and as President Tinubu rightly said, borrowing is not leprosy,” Onanuga stated in a post on Thursday.
He maintained that the current administration is not borrowing for consumption but to finance critical infrastructure projects aimed at boosting economic growth and long-term productivity.
According to him, Nigeria’s ability to secure loans from international lenders reflects confidence in the country’s creditworthiness and its capacity to meet repayment obligations.
“If you must know, this administration has been borrowing to finance much-needed infrastructure, not consumption. The fact that we are receiving funds and have willing lenders shows that our country is credible,” he added.
Onanuga further urged political leaders to engage in more reasoned and fact-based discourse, rather than what he described as emotional commentary.
“As a politician, you need to rise above the pedestrian level and address issues with rational argument, not emotional reactions,” he said.
The exchange underscores the growing debate over Nigeria’s debt sustainability, with critics warning of long-term risks, while the government insists that strategic borrowing is essential to drive infrastructure development and economic expansion.
