President Bola Tinubu has justified the frequent borrowings under his administration.

 

Tinubu, who stated this during a presidential media chat on Monday, argued that borrowing is not criminal.

 

The President was responding to questions about the projected deficit of N13.39tn in the proposed 2025 national budget, which the administration intends to finance through borrowing.

 

“Borrowing is not criminal. We have been coming from mismatch of our needs. We have a serious infrastructural deficit.

 

“If you took huge money and match it on the long term project, matching project on the long term basis, where we do have the short term to manage the long term basis is a mismatch.

 

“Yes, we have headed the wrong road in the past. I don’t want to look at that. I want to think about prosperity for our country.

 

“What’s the element of these borrowing? Capital projects – our roads are terrible, our internet is not at the level a nation would want it to be, we are still indebted in electricity and efficiency in power generation. We have to take it with our two hands,” he said.

 

Tinubu’s government on Wednesday presented a national budget of N47.96 trillion for 2025 to the joint session of the National Assembly.

 

The budget prioritises defence, infrastructure, and human capital development, with a projected deficit of N13.39tn to be financed through borrowing

 

Before now, some Nigerians had frowned at level of loans being sought by the current administration.

 

For instance, former Vice President Atiku Abubakar last month said that Nigeria is sinking further into debt while the National Assembly has become an accomplice.

 

He frowned at the intention of Tinubu’s administration to borrow an additional N1.7 trillion, being shortfall in the 2024 budget, through Euro bonds.

 

Atiku said that loans under the current government are bone-crushing to Nigerians and bringing insufferable pressure on the economy.