Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala, has responded to comments by the Emir of Kano, Muhammed Sanusi, over concerns about the Federal Government’s borrowing practices.
Sanusi had criticised the government’s continued reliance on borrowing despite the removal of fuel subsidy, describing the situation as financially inconsistent and arguing that expected gains from subsidy removal have not translated into reduced borrowing.
He also stated that Nigeria can no longer justify supporting foreign refineries as an oil-producing nation, while noting that recent improvements in domestic refining and exports should benefit the economy.
In a statement shared on his 𝕏 handle, Bwala said the government is borrowing to fund investments in key sectors of the economy, particularly infrastructure.
He stated that Nigeria requires between $30 billion and $100 billion annually to address its infrastructure deficit, adding that current spending levels are insufficient.
“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 lack of proper infrastructure needs at least $30 billion to $100 billion every year, but what we’re currently spending is not enough, so we have to borrow money,” he said.
