The Presidency has responded to criticism from the Emir of Kano, Muhammed Sanusi, over the Federal Government’s continued reliance on borrowing.
Presidential aide Daniel Bwala, who serves as Special Adviser to President Bola Tinubu on Policy Communication, said the government is borrowing to invest in critical sectors of the economy.
Sanusi had earlier questioned the administration’s borrowing approach, noting that despite the removal of fuel subsidies, the expected reduction in borrowing had not materialised. He also argued that Nigeria, as an oil-producing nation, should not be supporting foreign refineries.
In response, Bwala, in a statement shared on his X account, explained that the government’s borrowing is targeted at infrastructure development.
He noted that Nigeria requires between $30 billion and $100 billion annually to address its infrastructure deficit, adding that current funding levels are insufficient.
According to him, the borrowing strategy is aimed at closing this gap and driving economic growth, while also supporting improvements in domestic refining and exports.