No sin in borrowing — Presidency

The presidency has said the government’s borrowing approach is a necessary instrument for driving economic development.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, stressed that when loans are utilized responsibly, borrowing should not be viewed negatively.

Onanuga made this clarification at a media interaction held in Lagos, where senior presidential aides addressed journalists on the administration’s economic achievements and future plans.

President Bola Tinubu, last week submitted a request to the National Assembly, seeking approval for fresh external and domestic loans amounting to N34.15 trillion.

“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,” he said.

Also speaking, Special Adviser to the President on Public Communication, Sunday Dare, emphasised the significance of borrowing for large-scale development projects.

“We can’t build highways from Lagos to Calabar or Sokoto to Bida without borrowing. Projects like these wake up entire regions economically.

No sin in borrowing — Presidency