💰 “No Sin in Borrowing”: Presidency Defends Nigeria’s Debt Strategy In a recent statement, the Nigerian Presidency has asserted that borrowing is a necessary instrument for driving economic development. Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that when loans are utilized responsibly, borrowing should not be viewed negatively. He stated, “It is not a sin to borrow. Even developed nations like the United States of America and the United Kingdom borrow beyond their GDP. The issue is not borrowing; it is what you do with the borrowed funds.”  This clarification comes amid discussions surrounding President Bola Tinubu’s recent request to the National Assembly for approval of fresh external and domestic loans amounting to ₦34.15 trillion. The administration maintains that such borrowing is essential for funding large-scale development projects, such as highways and infrastructure, which are pivotal for economic growth.  The Central Bank of Nigeria (CBN) has previously echoed similar sentiments, stating that borrowing is part of fiscal responsibility. CBN Governor Godwin Emefiele noted, “Debt is never a crime or a sin. The private entity also borrows to survive. What matters most is the debt’s quantum and the debt usage.”  However, concerns persist regarding Nigeria’s rising debt profile and the nation’s ability to service these debts. Critics argue that while borrowing can be a tool for development, it must be managed prudently to avoid long-term economic challenges.  #NigeriaEconomy #GovernmentBorrowing #DebtManagement #EconomicDevelopment #InfrastructureFunding

Debt Drama: Tinubu’s Numbers vs CBN’s Reality President Bola Tinubu recently claimed that Nigeria’s debt service-to-revenue ratio has dropped significantly to 40%, signaling what he described as progress in fiscal management under his administration. However, this statement appears to contradict the Central Bank of Nigeria’s (CBN) latest data, which puts the figure at a staggering 112%. The discrepancy has sparked widespread concern and debate among economists, analysts, and citizens, who are questioning the accuracy of the president’s claims and the transparency of the country’s financial reporting. Experts warn that a high debt service-to-revenue ratio means a large portion of government income is being used to repay loans, leaving little room for capital projects and public services. With inflation and economic hardship already biting hard, the contrasting figures raise more questions than answers. Calls are mounting for the presidency and the CBN to clarify the conflicting statistics and provide a true picture of Nigeria’s fiscal health. #Tinubu #NigeriaEconomy #DebtCrisis #CBN #PublicFinance #DebtToRevenue