President Tinubu Defends Borrowing as a Strategy to Address Nigeria’s Deficits
President Bola Ahmed Tinubu has shed light on the reasons behind his administration’s borrowing practices, emphasizing that taking loans is not inherently a criminal act. Speaking during a presidential media chat on Monday, Tinubu addressed concerns surrounding the projected deficit of ₦13.39 trillion in the proposed 2025 national budget, which the government plans to fund through borrowing.
Tinubu explained, “Borrowing is not criminal. What we are dealing with is a mismatch between our immediate needs and the resources available. Nigeria is grappling with a significant infrastructural deficit that must be addressed.”
He further elaborated that past missteps have contributed to the current economic challenges, but his focus remains on fostering prosperity. “Yes, mistakes were made in the past, but dwelling on them won’t help. Instead, we must take decisive action to invest in our nation’s future,” Tinubu added.
The President outlined that the loans would focus on capital projects critical to Nigeria’s development. He highlighted poor road infrastructure, subpar internet connectivity, insufficient electricity supply, and inefficiencies in power generation as areas requiring urgent attention. “To achieve progress, we must embrace these challenges head-on,” he said.
The 2025 national budget, totaling ₦47.96 trillion, was presented last Wednesday to a joint session of the National Assembly. It prioritizes defence, infrastructure development, and human capital investments, with a significant portion funded through loans.
However, the administration’s borrowing plans have drawn criticism from various quarters. Former Vice President Atiku Abubakar recently criticized the growing debt burden, accusing the National Assembly of enabling excessive borrowing. Atiku expressed concerns about the proposed Eurobond loans and described the debts as placing unbearable pressure on Nigerians and the economy.
While public reactions remain divided, Tinubu maintains that borrowing, when strategically applied, is a necessary tool for long-term national growth.
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