The Digest:
The Presidency and opposition figure Peter Obi have traded words over the Federal Government's borrowing profile. President Bola Tinubu had defended the administration's borrowing, stating, "Borrowing is not leprosy." Obi countered on X, saying: "Borrowing is not only leprosy, but a killer cancer when it is borrowed for consumption and not production." Presidential spokesman Bayo Onanuga responded, accusing Obi of "demagoguery" and insisting the government borrows for infrastructure, not consumption.
Key Points:
- Obi argued that debt without productivity is dangerous.
- He cited the Fiscal Responsibility Act of 2007 on cost-benefit analysis requirements.
- Onanuga said Nigeria has willing lenders because the country is credible.
- Onanuga advised Obi to "rise above the pedestrian level."
- Obi said borrowing for consumption is "double jeopardy."
Sources: Nigerian Tribune, Vanguard
