Amid Growing Concern, Presidency Defends Borrowing Policy

The Presidency has defended Nigeria’s existent indebtedness profile, insisting that borrowing remains a morganatic instrumentality of economical maturation and reform, not grounds of fiscal recklessness.

This came a time aft the enactment of the National Assembly – Senate President Godwin Akpabio and House of Representatives Speaker, Tajudeen Abass, cautioned against unchecked borrowing by African leaders.

Also, a non-serving senator, Dino Melaye, has accused the national authorities of excessive borrowing.
Akpabio and Abbas spoke connected the contented connected Monday astatine the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) successful Abuja.
But taking up Dino connected his remark yesterday, the peculiar advisor to the President connected Media and Public Communication, Sunday Dare, successful a station connected his authoritative X handle, dismissed the erstwhile lawmaker’s claims arsenic “noise, not knowledge.”

Dare said the caller leap successful Nigeria’s full nationalist debt, enactment astatine ₦149.39 trillion arsenic of March 31, 2025, by the Debt Management Office (DMO), was mostly owed to naira depreciation, not caller borrowing.

“When the currency adjusts, the naira worth of existing outer indebtedness rises – whether oregon not caller loans are taken,” helium explained.

The statesmanlike adjutant said Nigeria’s debt-to-GDP ratio remains betwixt 40 and 45 percent, a mean fig compared to South Africa’s 70 percent and Ghana’s 90 percent plus.

He says the existent situation is gross mobilisation, not runaway borrowing.

“Borrowing is simply a morganatic instrumentality for financing maturation and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth,” Dare wrote.

The statesmanlike adjutant besides pointed retired that authorities revenues are improving, which strengthens Nigeria’s capableness to work obligations. “Encouragingly, revenues are improving, strengthening our capableness to work obligations,” helium said.

He stressed that the Tinubu medication remains focused connected implementing reforms nether the Renewed Hope Agenda, which aims to grow the gross base, prolong investments and guarantee indebtedness sustainability.

“Until Dino acquaints himself with basal economics, his commentary volition stay what it has ever been: entertainment, not enlightenment,” Dare added.