The All Progressives Congress (APC) in Lagos State has defended the borrowing practices of President Bola Tinubu’s administration. Party spokesman Seye Oladejo said the loans are intended to fund development projects, including critical infrastructure such as energy, transportation and productive‑sector initiatives. He argued that borrowing is not inherently reckless; what matters is the purpose and prudence behind it. According to Oladejo, the current administration’s borrowing is strategic, tied to specific projects, and aligns with global best practices even among advanced economies.
Oladejo’s response follows criticism from Peter Obi, the 2023 Labour Party presidential candidate, who urged accountants to scrutinize the government’s borrowing and labeled it “reckless.” Obi called on professionals to hold the government accountable. In reply, Oladejo questioned Obi’s moral authority to lecture on fiscal prudence, citing Obi’s record as governor of Anambra State, where he allegedly left unpaid pensions and poor human‑capital indicators. He also accused Obi of extravagance, pointing to the candidate’s use of private jets during his campaign while advocating cost‑cutting measures.
The APC spokesman highlighted President Tinubu’s broader economic reforms, including subsidy removal, currency adjustments and targeted borrowing, describing them as bold steps to reset the economy. Although difficult, these measures are presented as necessary for securing Nigeria’s future.
The debate underscores ongoing discussion about the government’s economic policies and the role of borrowing in financing development. As the administration continues its reforms, the balance between borrowing and prudent resource management will remain under close scrutiny, and its impact on Nigeria’s economic outlook will be continuously evaluated.
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