President Bola Tinubu has defended his administration’s heavy reliance on borrowing, saying there is no shame in taking loans even as Nigeria’s debt continues to rise and citizens face tough economic conditions.
In a video that is now circulating online, Tinubu stated, “If we have to borrow money, we will, because borrowing is not leprosy; we just have to work hard to be able to repay it”
His comment is coming amid growing criticism from Nigerians who say the country is already overwhelmed by debt, while inflation, joblessness, and high cost of living continue to bite harder.
Since he took office on May 29, 2023, the Tinubu government has approved and pursued several local and foreign loans running into tens of billions of dollars.
Opposition figures and economists have warned that a large share of government revenue now goes into debt servicing, leaving less for basic services like healthcare, education, electricity, and job creation.
Despite the criticism, Tinubu insists borrowing is necessary if it is properly used for national development.
Watch video here.
