The Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala, has said the Federal Government is borrowing billions of dollars to fund critical infrastructure projects across the country.
Bwala made the comment while reacting to remarks by the Emir of Kano, Muhammed Sanusi, who noted that Nigeria requires between $30 billion and $100 billion annually to address its infrastructure deficit.
In a post on X, Bwala stated: “Your Royal Highness, we are simply borrowing to invest in the most important areas of our economy, with infrastructure being the most crucial of them all.
“The infrastructure gap requires at least $30 billion to $100 billion every year, but what we are currently spending is not enough, so we have to borrow.”
Sanusi had earlier expressed concern over the continued reliance on borrowing despite the removal of fuel subsidy, describing the situation as financially inconsistent.
He argued that although the subsidy removal is economically necessary, it has not translated into reduced borrowing or improved fiscal discipline.
The Emir also said Nigeria should no longer justify subsidising foreign refineries as an oil-producing nation.
The former Governor of the Central Bank of Nigeria further noted that recent gains in domestic refining and exports are positive for the economy.
He, however, criticised government spending patterns, stressing that savings from subsidy removal should have reduced borrowing and produced clearer economic improvements.
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