Akpan Ekpo, a professor of economics, has said that the country has no business borrowing from the World Bank or other lending institutions, adding that there are other options the government can adopt to fund infrastructural projects, news.ng reports.
Ekpo made this statement during an interview on Arise Television on Friday morning.
He added that instead of the government approaching financial institutions for assistance, the country should focus on building a robust economy that enables revenue growth, which can be channelled into improving people’s lives.
“We don’t have to borrow; we have other options. For example, if our revenue is growing, we can turn that into doing other things that will enhance people’s lifestyle instead of borrowing and borrowing. So, all I’m saying is that if your debt is sustainable, if you pay as at when due, but we don’t have to borrow the way we are borrowing, there’s no question,” he said.
He continued by saying that if the government has no other option than to borrow, there should be a thorough study to provide enough reasons why it must do so.
He noted, ” And then the issue I raised was that even if you have to borrow, have you done enough research study to justify that borrowing? For example, the World Bank loans, they are project-tied, you know? So, have you done enough study to justify why you are borrowing?”
It is pertinent to note that, as of May 2026, the administration of Bola Ahmed Tinubu has added a total sum of ₦56 trillion to Nigeria’s public debt within the space of two years, bringing the total debt profile to around ₦144.67 trillion to ₦159 trillion.
According to sources, the borrowing includes significant external loans, mainly from the World Bank, and domestic bonds, with 2026 debt servicing projected to cost about $11.6 billion (over ₦15 trillion).
Commenting on this, Ekpo further maintained that there are alternative options available, warning that excessive borrowing becomes a burden on future generations.
He said, “The way we are borrowing is not the way we should go. There are other options. You have contractor finance, you have public-private partnership, and so on and so forth.
“Because, again, when you are borrowing, you see, you borrow that there’s an important aspect. The people living now are not the ones to pay for their debts. These are great-grandchildren.”
He, therefore, advised that borrowing should be channelled towards fixing the country’s perennial electricity crisis rather than securing loans without having a positive impact on the lives of the people.
“And when they come to see that you borrow and they cannot find what you borrowed the money for, as I always said, they will abuse us in our grief. For example, if you borrow, you say you want to fix power. So, Nigerians, we have a 24-hour power supply. It will make more sense. But if I’m borrowing for things I would not know about, you know, it becomes a problem. So, definitely, I agree that, for now, the borrowing is, I will use the word, a little bit out of place to some extent,” he added.
Watch the clip
