Ekpo: Nigeria's borrowing isn't the problem—transparency is
Professor Akpan Ekpo says borrowing to fund budget deficits is legitimate if loans are properly analysed and directed to productive capital projects. Speaking on Arise Television today, the economist argued the real issue isn't Nigeria's decision to borrow but the lack of transparency and accountability in how borrowed funds are deployed.
"When you have large deficits, the only way to fill the gap is to borrow externally and internally," Ekpo said. "The problem, in my view, is the issue of transparency and accountability in terms of borrowing." He criticised vague justifications like citing "road construction" without specifics: "If you say road, it is very opaque."
The comments come as Nigeria's debt hits ₦166.79 trillion (June 2026, per DMO) and President Tinubu seeks Senate approval for $21.7 billion in new external borrowing. The fresh request has intensified public concern over the rising debt profile.
Ekpo insists government must clearly specify projects and purposes for every loan. Without that clarity, Nigerians cannot assess whether borrowing serves development or merely expands obligations.
With ₦166.79 trillion in existing debt and another $21.7 billion proposed, will you demand project-level transparency before supporting new borrowing, or accept that deficit financing requires trust in government prioritisation?