The presidency has defended the federal government's borrowing approach, describing it as a necessary instrument for driving economic development in Nigeria.

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

"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," Onanuga stated during a media interaction in Lagos where presidential aides addressed journalists on the administration's economic achievements and future plans.

The statement comes after President Bola Tinubu submitted a request to the National Assembly seeking approval for fresh external and domestic loans amounting to N34.15 trillion.

Infrastructure Development Requires Borrowing

Also speaking at the event, Special Adviser to the President on Public Communication, Sunday Dare, reinforced the administration's position by highlighting 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," Dare explained.

The presidency's defense of its borrowing strategy comes amid growing concerns about Nigeria's rising debt profile and the sustainability of continued borrowing in the face of economic challenges.

Economic analysts have been divided on the government's approach, with some supporting strategic borrowing for infrastructure development while others express concern about debt servicing capacity and the potential burden on future generations.

The National Assembly is expected to deliberate on the President's loan request in the coming weeks, with the outcome likely to significantly impact the administration's economic agenda and infrastructure development plans.