Renowned economist, Professor Akpan Ekpo, has raised concerns over Nigeria’s soaring debt profile, warning that the loans contracted so far under President Bola Tinubu’s administration are not matched by visible, value-adding projects.
Speaking on Arise Television’s Morning Show on Wednesday, Ekpo said he has yet to see concrete developments that warrant the country’s growing debt burden.
“I have not seen projects under the Tinubu Administration that justify Nigeria’s high debt rate for now,” he stated.
However, the former Director-General of the West African Institute for Financial and Economic Management noted that borrowing could still be beneficial if channeled into critical infrastructure, particularly power, which has the potential to create jobs and stimulate the economy.
“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 stressed.
Ekpo emphasized that unless loans are tied to productive investments, Nigeria risks deepening its economic challenges without achieving sustainable growth.
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