Presidency Slams Peter Obi, Says Borrowing Reflects Global Trust In Nigeria

The Presidency has responded strongly to remarks by former presidential candidate Peter Obi over concerns surrounding Nigeria’s rising debt profile under President Bola Ahmed Tinubu. According to Ireporter Online, Obi had cautioned against what he described as indiscriminate borrowing, stressing that loans should be tied to productive investments with clear repayment strategies. He argued that several borrowings by the current administration fall short of legal and economic standards, warning that debt, if poorly managed, could become detrimental rather than beneficial.

The former Anambra State governor, reacting to President Tinubu’s recent assertion that debt is not inherently harmful, maintained that borrowing could have severe consequences if not properly structured and utilized. He further raised concerns that Nigeria’s borrowing pattern appears to favour consumption over production, urging the government to ensure that all loans translate into tangible benefits for citizens rather than serving as mere justifications for fiscal decisions.

In a swift rebuttal, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, dismissed Obi’s position as repetitive and overly sensational. He emphasized that borrowing is a common practice among sovereign nations and defended the Tinubu administration’s approach, noting that funds are being channeled toward critical infrastructure development rather than recurrent expenditure.

Onanuga also argued that Nigeria’s ability to secure loans from international lenders reflects confidence in the country’s creditworthiness and repayment capacity. He urged Obi to adopt a more measured and pragmatic approach to national discourse, rather than what he described as emotionally driven commentary.