The All Progressives Congress (APC) in Lagos State has responded to criticism of the borrowing practices under President Bola Tinubu’s administration. According to the party’s spokesman, Mr. Seye Oladejo, the borrowing is aimed at funding development projects, including the construction of critical infrastructure.
The response comes after Peter Obi, the 2023 Labour Party presidential candidate, called on accountants to scrutinize the government’s borrowing. Obi had described the borrowing as “reckless” and urged professionals to hold the government accountable. However, Oladejo countered that borrowing is not inherently reckless, and what matters is the purpose and prudence behind it.
Oladejo argued that the current administration’s borrowing is strategic and tied to specific projects, such as energy, transportation, and productive sectors. He emphasized that this approach is in line with global best practices, even among advanced economies. The spokesman also questioned Obi’s moral authority to lecture on prudence, citing his own record as governor of Anambra State, where he allegedly left behind unpaid pensions and poor human capital indices.
The APC spokesman further accused Obi of displaying extravagant tendencies, including traveling in private jets during his campaign while advocating for cost-cutting measures. In contrast, Oladejo said that President Tinubu is taking bold steps to reset the economy, including subsidy removal, currency reforms, and targeted borrowing. These measures, although difficult, are seen as necessary to secure Nigeria’s future.
The debate highlights the ongoing discussion about the government’s economic policies and the role of borrowing in funding development projects. As the administration continues to implement its economic reforms, it is likely that the issue of borrowing will remain a topic of discussion among stakeholders. The government’s ability to balance its borrowing with prudent management of resources will be closely watched, and its impact on the country’s economic future will be subject to ongoing evaluation.
