It’s not a sin to borrow, even the United States of America borrowed – Onanuga
The Nigerian government has articulated that its approach to borrowing serves as a crucial mechanism for stimulating economic advancement. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, elaborated on this perspective during a media engagement held in Lagos.
At this event, where senior presidential aides discussed the administration’s economic accomplishments and forthcoming strategies, Onanuga underscored that borrowing should not be regarded unfavorably when the acquired funds are deployed responsibly.
He asserted: “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 from Onanuga comes in the wake of President Bola Tinubu’s recent request to the National Assembly, seeking endorsement for new external and domestic loans amounting to N34.15 trillion.
Further contributing to the discussion, Sunday Dare, the Special Adviser to the President on Public Communication, highlighted the critical role of borrowing in facilitating extensive development initiatives.
He remarked: “We can’t build highways from Lagos to Calabar or Sokoto to Bida without borrowing. Projects like these wake up entire regions economically.”
