By John Joseph
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President Bola Ahmed Tinubu has justified the frequent borrowings under his administration, stating that borrowing is not a criminal act. This statement was made during a presidential media chat on Monday, where Tinubu addressed concerns about the projected deficit of N13.39 trillion in the proposed 2025 national budget.
The President emphasized that the country’s infrastructural deficit necessitates borrowing to finance capital projects. He cited the deplorable state of roads, inadequate internet services, and inefficient power generation as areas requiring significant investment.
Tinubu’s administration has presented a national budget of N47.96 trillion for 2025, prioritizing defense, infrastructure, and human capital development. The budget proposes financing the projected deficit through borrowing, a move that has raised concerns among some Nigerians.
Former Vice President Atiku Abubakar has criticized the level of borrowing, stating that Nigeria is sinking further into debt. Atiku also expressed concerns about the National Assembly’s role in approving the loans, which he believes are “bone-crushing” to Nigerians and exerting “insufferable pressure” on the economy.
Despite these criticisms, Tinubu remains resolute in his defense of borrowing, emphasizing that it is essential for the country’s development. He urged Nigerians to focus on the prosperity of the country rather than dwelling on past mistakes.
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