BREAKING: Tinubu’s SSA, Bayo Onanuga, Peter Obi Exchange Words Over Nigeria’s Borrowing Policy
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A public exchange has emerged between Peter Obi and Bayo Onanuga following comments by the former presidential candidate on Nigeria’s borrowing practices, according to a post on X on Thursday, April 30, 2026.
Obi, in a social media post, raised concerns about the country’s debt profile, arguing that borrowing for consumption rather than production poses risks to economic growth, national development, and fiscal sustainability.
He referenced provisions of the Fiscal Responsibility Act 2007, stating that government borrowing should be tied to clearly defined purposes, supported by cost-benefit analysis, and aligned with measurable economic and social outcomes.
He also pointed to concerns over rising debt servicing obligations, noting that high servicing ratios could constrain the government’s ability to invest in critical sectors and improve living standards. According to him, borrowing that does not translate into productivity, job creation, or economic value places additional strain on public finances and future revenue.
In response, Onanuga, a spokesman to President Bola Ahmed Tinubu, dismissed the position, stating, “Mr Peter Obi, you have come again with your demagoguery.” He added, “What point are you trying to make about borrowing? Every sovereign nation borrows, and as President Tinubu rightly said, borrowing is not leprosy.”
Defending the administration’s policy, Onanuga said, “If you must know, this administration has been borrowing to finance much-needed infrastructure, not consumption.”
He further stated, “The fact that we are receiving funds and have willing lenders shows that our country is credible and capable of repaying.”
Onanuga also urged a different approach to public discourse, saying, “As a politician, you need to rise above the pedestrian level and address issues of the day with rational argument, not emotional reactions on the streets and Twittersphere.”
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