The All Progressives Congress (APC) in Lagos State has defended the borrowing approach of President Bola Tinubu’s administration, describing it as a deliberate move to support national development rather than an act of reckless spending.
In a statement released by its spokesperson, Seye Oladejo, the party explained that loans currently being secured by the Federal Government are targeted at critical areas such as infrastructure, energy, transportation, and other productive sectors.
According to the APC, these borrowings are tied to visible projects that are expected to stimulate growth, create jobs, and strengthen Nigeria’s long-term economic base.
Oladejo responded to criticism from Labour Party’s 2023 presidential candidate, Peter Obi, who had recently accused the administration of engaging in reckless borrowing.
He dismissed Obi’s position, arguing that his past record as governor of Anambra State did not give him the standing to challenge Tinubu’s policies.
The party alleged that Obi left unresolved pension issues and weak infrastructure behind, which contradicted his current posture as an advocate of prudence.
The APC noted that borrowing is a common practice across the world, including in advanced economies, and insisted that what matters is how such loans are applied.
It added that Tinubu’s administration has outlined clear plans to ensure funds are invested in productive ventures capable of generating returns for the country.
According to the statement, Tinubu has already embarked on difficult but necessary reforms such as fuel subsidy removal and currency realignment to reset the economy.
These measures, combined with targeted borrowing, were described as steps designed to secure Nigeria’s future.
The APC contrasted this with Obi’s style of politics, which it described as based on campaign speeches rather than practical governance measures.
The party argued that while Tinubu is implementing reforms to build a sustainable economy, Obi is more focused on delivering sound bites that do not address Nigeria’s challenges.