The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has slammed critics of the Federal Government’s demand for foreign loans.

Recently, former Vice President Atiku Abubakar criticised the Federal Government’s continued resort to external borrowing, describing the Tinubu administration’s growing debt profile as reckless, unsustainable and dangerous to Nigeria’s economic future.

Atiku’s reaction followed reports that the Federal Government is in discussions with the World Bank for another $1.25 billion loan facility — a move that could rank among the largest fresh borrowings secured under the current administration despite worsening economic hardship across the country.

In a statement issued through his media aide, Olusola Sanni, the former vice president said it was troubling that an administration elected on promises of economic recovery and reform has instead become synonymous with what he described as “industrial-scale borrowing” without visible improvements in the lives of Nigerians.

“This borrowing binge is becoming reckless, opaque and dangerously habitual. The loans are accumulating at a burden too heavy for Nigerians to bear,” Atiku stated.

“Nigerians were told these loans would revive infrastructure, improve electricity supply and stimulate economic recovery. Yet ordinary citizens still live in darkness, roads remain death traps, businesses are shutting down under crippling energy costs, and hunger has become a national emergency.”

Also, former Labour Party presidential candidate Peter Obi raised concerns about Nigeria’s rising debt-servicing obligations and what he described as growing pressure on the country’s fiscal space.

In a post on his official X handle on Monday, Obi referenced President Tinubu’s recent remark during a foreign tour that Nigeria is projected to spend about $11.6 billion on debt servicing, warning that the figure should worry anyone concerned about the country’s long-term economic stability and development trajectory.

Obi argued that while borrowing is not inherently harmful when prudently managed, its effectiveness depends on how the funds are utilised.

Addressing complaints concerning the Federal Government’s demands for loans, Onanuga pointed out that Nigeria has not over-borrowed compared to countries like Egypt, South Africa and West African country of Senegal.

He added, “Nigeria is creditworthy and can still take more loans to finance infrastructure. The unwarranted alarm against loans is symptomatic of economic and financial ignorance.”