Bayo Onanuga has rejected claims suggesting that Nigeria has exceeded a sustainable borrowing limit.
In a statement shared through his official X account on Tuesday, May 26, 2026, Onanuga argued that Nigeria remains financially credible and still possesses the ability to secure additional loans when necessary.
His remarks sparked extensive discussion online, particularly after he compared Nigeria’s debt situation with that of other African nations. According to him, the country’s borrowing position remains more favorable than those of several countries, including Egypt, South Africa, and Senegal.
The comments followed the circulation of an analysis on social media examining the debt-to-GDP ratios of various African economies. The report indicated that Egypt had accumulated debt exceeding $400 billion against a GDP of around $390 billion, while South Africa’s debt was estimated at approximately $580 billion with a GDP of about $420 billion.
Onanuga maintained that Nigeria’s debt level should not be considered excessive and insisted that the country still has borrowing capacity. He also criticized what he described as misleading concerns over the issue, urging individuals spreading such views to avoid creating unnecessary panic and attributing such claims to a lack of understanding.
He later shared further comments on the matter through his official X platform.