Presidential spokesperson Bayo Onanuga has defended Nigeria’s rising debt profile, insisting that the country is not over-borrowed when compared with several other economies, including Egypt and South Africa.
His remarks came in response to online criticism of Nigeria’s borrowing trend, sparked by a post on X comparing debt-to-GDP ratio across countries.
The debate has continued to generate heated reactions on X, with users questioning the sustainability of government loans amid economic pressures.
Onanuga argued that Nigeria remains credit-worthy and still has fiscal space to access loans for infrastructure development.
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He further dismissed concerns over the country’s debt accumulation, describing such criticisms as a reflection of what he called “economic and financial ignorance.”
The discussion was triggered by a post comparing national debt figures, which claimed that Egypt has a debt exceeding $400 billion against a GDP of about $390 billion, while South Africa reportedly carries a debt of about $580 billion against a $420 billion GDP.
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It further stated that Nigeria has a significantly lower debt burden, estimated at around $110 billion against a GDP of about $340 billion.
In his response, Onanuga said Nigeria’s debt position remains relatively moderate and cited additional comparisons with countries, such as Senegal, arguing that critics often overlook broader economic context when assessing borrowing levels.
The comments have reignited public debate over Nigeria’s fiscal strategy under the Tinubu administration, particularly at a time when concerns about inflation, infrastructure financing, and debt servicing continue to dominate national economic discussions.
While government officials maintain that borrowing is necessary for development projects, critics continue to warn about long-term repayment risks and the impact on future economic stability.
