(Bayo Onanuga. Photo by Vanguard News)
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, has come to the defence of Nigeria’s growing debt profile, arguing that the country’s borrowing levels are modest when measured against those of Egypt, South Africa, and Senegal.
Responding to a discussion on social media, Onanuga pushed back against critics of the government’s borrowing, accusing them of misunderstanding public finance.
He maintained that Nigeria remains creditworthy and has room to take on additional loans to fund infrastructure development, describing the alarm over the country’s debt as a reflection of economic and financial ignorance.
His comments were prompted by a post from a social media user, Akinwumi, who had compared debt figures across several countries.
The post highlighted that Egypt carries a debt of over $400 billion against a GDP of around $390 billion, while South Africa’s debt stands at approximately $580 billion compared to a GDP of roughly $420 billion.
Nigeria, by contrast, was said to have a debt of about $110 billion against a GDP of around $340 billion translating to a debt-to-GDP ratio of approximately 35 percent, which is significantly lower than the countries cited.
The remarks come at a time of heightened public debate over the Tinubu administration’s borrowing trajectory.
While critics have raised concerns about mounting debt servicing pressures and the economic hardship facing ordinary Nigerians, the government has maintained that the loans are essential for infrastructure development and investment in key sectors of the economy.
