Nigeria Still Has Capacity For More Loans, Onanuga Defends Borrowing

According to Ireporter Online, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, has responded to growing public concerns over Nigeria’s rising debt profile, insisting that the country has not exceeded safe borrowing limits when compared with several other nations.

Onanuga stated in a post on that Nigeria’s debt position remains within a manageable range, especially when benchmarked against countries such as Egypt, South Africa, and Senegal. He maintained that Nigeria is still creditworthy and retains the capacity to secure additional loans for developmental purposes.

He further argued that public criticism of government borrowing is often driven by a misunderstanding of how national debt functions. According to him, borrowing is not inherently negative when it is channeled into infrastructure that supports economic growth and national productivity.

The presidential aide explained that funds obtained through loans can be effectively utilized in critical sectors such as roads, electricity, transportation systems, and other infrastructure projects that stimulate economic development and improve living standards.

Onanuga emphasized that discussions around Nigeria’s debt should be based on factual analysis rather than emotional or political considerations, adding that well-managed borrowing can play a key role in long-term national development. He added that concerns about excessive borrowing reflect what he described as “economic and financial ignorance,” insisting that Nigeria still has room to access more loans for infrastructure financing.

He was quoted as saying that Nigeria has not over-borrowed compared to countries like Egypt, South Africa, and Senegal, stressing that the country remains creditworthy and capable of taking additional loans to support development projects.