The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has strongly criticized those opposing the Federal Government's pursuit of foreign loans, labeling their concerns as a display of economic and financial ignorance.
Criticism from Atiku and Obi
Former Vice President Atiku Abubakar had earlier condemned the administration's reliance on external borrowing, describing it as reckless, unsustainable, and a threat to Nigeria's economic future. His remarks followed reports that the government was negotiating a fresh $1.25 billion loan from the World Bank, which could become one of the largest borrowings under President Bola Tinubu despite widespread economic hardship.
In a statement by his media aide, Atiku expressed dismay that an administration elected on a platform of economic recovery had instead embraced what he termed "industrial-scale borrowing" without tangible benefits for citizens. He noted that loans were meant to improve infrastructure and electricity but that Nigerians still face darkness, poor roads, high energy costs, and hunger.
Similarly, former Labour Party presidential candidate Peter Obi raised concerns about rising debt-servicing costs, referencing President Tinubu's projection of $11.6 billion in debt servicing. Obi warned that this figure should alarm anyone concerned about Nigeria's long-term stability, adding that borrowing is only beneficial if funds are used prudently.
Onanuga's defense
In response, Onanuga argued that Nigeria has not over-borrowed compared to countries like Egypt, South Africa, and Senegal. He stated, "Nigeria is creditworthy and can still take more loans to finance infrastructure. The unwarranted alarm against loans is symptomatic of economic and financial ignorance." He emphasized that borrowing is a necessary tool for development when managed responsibly.
