Nigeria Has Not Yet Over-Borrowed Like Egypt, South Africa Or Even Senegal — Tinubu Presidency Defends Rising Loans

According to him, many Nigerians raising the alarm about the country’s loans lack proper understanding of economics and public finance.

The Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Bayo Onanuga, has defended the Federal Government’s growing borrowing profile, insisting that Nigeria still has the capacity to take more loans compared to countries such as Egypt, South Africa and Senegal.

Onanuga made the remarks in a post on X in response to criticisms of Nigeria’s rising debt burden under the Tinubu administration.

According to him, many Nigerians raising the alarm about the country’s loans lack proper understanding of economics and public finance.

“Nigeria has not over borrowed compared to countries like Egypt, South Africa and West African country of Senegal,” Onanuga wrote.