By Abiodun Folarin
Nigerians reacted on X to a viral video on Wednesday of President Bola Tinubu defending the government’s borrowing streak, in which he stated that his administration would continue to seek external loans.
The president emphasized that he could not shy away from borrowing as long as the funds are channeled into productive sectors of the economy. He noted that no nation can achieve significant developmental milestones without strategic financial leverage.
He said “If we have to borrow money, we will, because borrowing is not a leprosy; we just need to work hard to be able to repay it,” he sad.
Economic and development expert, Dr. Aliyu Ilias, told WorldStage News that the statement was not appropriate, noting that Nigeria’s debt-to-revenue ratio remains a major concern.
“It is not a good statement, simply because if you look at the debt-to-revenue ratio, it is not favourable for Nigeria, as most of the revenue is used to service debt. If you look at the budget, about ₦15.4 trillion is used to service debt. That could have been used for capital projects or expenditure that would benefit Nigeria’s social infrastructure in terms of roads, health, and education,” he said.
“Debt itself is not bad if it is properly invested in viable projects, such as railways or port development. If you look at the last World Bank Spring Meetings in the US, African countries were asking for cheaper borrowing costs, which would help address many of our challenges.
“We must be cautious when it comes to borrowing. However, the responsibility to hold the president accountable lies with the National Assembly. They need to do more by conducting proper scrutiny and oversight to ensure that borrowed funds are not misused.
“Not all debt proposals should be accepted. There must be some level of control, as it appears that anything the executive presents is often approved without sufficient scrutiny.
“In summary, debt is not inherently bad; it depends on how it is used. Even the world’s leading economies are indebted, but the difference is that we can see tangible results and benefits from their borrowing.”
Reacting on X, @DebriefLog wrote: “President Tinubu is right: borrowing is not leprosy. It is the tool ambitious nations use to build beyond their current means. The question that should trouble us is simple: will we repay these loans with the hard work they demand? Criticism of the president ignores our collective duty to productivity.”
@agtimmy04 wrote: “Borrowing isn’t the problem. Reckless borrowing without accountability is. Nigerians are already drowning in debt caused by years of mismanagement, yet the solution is still more loans? This isn’t leadership; it’s a cycle. Work hard to repay what, exactly, when there’s little to show for previous borrowing? The real issue is transparency, waste, and misplaced priorities, not normalising debt.”
@get2lanre wrote: “We don’t have a problem with you borrowing; all Nigerians care about is you telling us exactly what you have done with what was borrowed and what you intend to do with what you want to borrow.”
