Economist and former Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, has expressed concern over Nigeria’s growing debt profile under President Bola Tinubu’s administration.
Speaking on Arise Television’s Morning Show on Wednesday, Ekpo said he had yet to see tangible projects that justify the current levels of borrowing by the government.
“I have not seen projects under the Tinubu Administration that justify Nigeria’s high debt rate for now,” he said.
He, however, acknowledged that borrowing could be beneficial if loans were directed toward critical infrastructure such as power, which has the potential to create jobs and stimulate economic growth.
“However, if this administration is borrowing for infrastructure like power, that can create jobs and boost the economy, that will be a positive step,” he added.
Ekpo further stressed the need for transparency in loan acquisition, emphasizing that all borrowings should be tied strictly to projects that add value and help strengthen the domestic economy against external shocks.
“Borrowings must be transparent and strictly for projects with value that can enable us build a strong domestic economy that can resist external shocks,” he said.