Bayo Onanuga has reacted to ongoing conversations surrounding Nigeria’s borrowing profile, insisting that the country has not accumulated excessive debt when compared with several African nations.
The presidential aide made the clarification in a statement shared through his official X account on Tuesday, May 26, 2026, where he sought to defend the economic policies of President Bola Ahmed Tinubu’s administration.
According to Onanuga, public discussions suggesting that Nigeria is overburdened by debt do not accurately reflect the financial realities across the continent.
He argued that when compared with countries such as Egypt, South Africa, and even Senegal, Nigeria’s borrowing level remains relatively moderate. His comments appeared aimed at reassuring Nigerians and countering criticisms from opposition figures and economic analysts who have raised concerns over the nation’s increasing debt obligations.
“In his words, ‘Nigeria has not over borrowed compared to countries like Egypt, South Africa and West African country of Senegal,’” Onanuga stated in the post….Read_More…