Professor Uche Uwaleke has said that a country’s borrowing is not inherently bad, provided the funds are used for productive and impactful purposes.
He made the statement on Monday while speaking as a guest on S24 Insight in Abuja.
Uwaleke, who is President of the Capital Market Academics of Nigeria, explained that debt can support national development when it is properly managed and invested in the right sectors. According to him, borrowing becomes a problem only when funds are misused or diverted from their intended purposes.
He urged government leaders to remain mindful that borrowing comes with interest obligations, stressing the need for fiscal discipline and accountability in managing public debt.
The economist also called on lawmakers, the media, civil society organisations, and citizens to play active roles in monitoring government borrowing. He noted that transparency and proper communication are critical, adding that Nigerians are more likely to support borrowing if the reasons are clearly explained.
Uwaleke further observed a shift in Nigeria’s borrowing pattern, noting that the country is now relying less on institutions such as the IMF and more on bilateral partners such as China and Japan.
He emphasized the responsibility of the media to hold government accountable, encouraging journalists to carry out their duties without fear, as long as they operate within the law.
