Tope Fasua, the special adviser to President Bola Tinubu on economic affairs, has urged Nigerian leaders to utilise government borrowing to create productive ventures that add value to the country’s economic development.
He spoke at an event on Thursday at Nile University, Abuja.
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The event, themed ‘Public Debt Sustainability and Fiscal Responsibility in Nigeria’, was organised by the Faculty of Arts and Social Sciences (FASS) of the university as part of its 4th annual lecture series.
Details
Mr Fasua explained that government loans should be used to build infrastructure rather than “focusing on frivolities.”
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“It is better to use a government’s debt to build airports that may be useful in the future and create better job opportunities than giving people money. Countries like the US have more airports than we do, and they generate a big chunk of revenue from them,” he said.
He also called on Nigerians to pay more attention to sub-national governments, especially how they utilise their loans.
“It is important to note that the federal government alone cannot drive development. In many ways, it functions as a central coordinating body with limited direct control over land and local resources.
“This raises critical questions about what state governments are doing in terms of development, what their balance sheets look like, and whether they are managing their own debts responsibly. It is easy to point fingers at the federal government, but development is a shared responsibility across all levels of government,” he added.
Mr Fasua, an economist and chief executive officer (CEO) of Global Analytics Consulting, also noted that Nigeria’s borrowing is low compared to many developed countries, such as Japan, China, and the United States. He said citizens should not be surprised if Nigeria borrows more to provide infrastructure and social amenities.
He recommended that young Nigerians, professionals, and policymakers must begin to think critically about fiscal responsibility and consider the role they would play in shaping a more sustainable and prosperous economy in the nation.
“Nigeria remains a work in progress. While some may argue that decades of democratic governance should have yielded more transformation, we must also recognise that progress is gradual and complex.
“Fiscal responsibility is not just about limiting borrowing; it is about ensuring that borrowed funds are used effectively to drive growth and development. Nigeria’s challenge is not merely the size of its debt, but how well those resources are utilised,” he said.
Why the lecture is important — Dean
Responding to PREMIUM TIMES’ questions, Jide Oladipo, the dean of FASS, stated that the lecture series is an academic forum designed to promote intellectual engagement, interdisciplinary dialogue, and knowledge dissemination within the university community and beyond.
“The series brings together scholars, industry experts, policymakers, and students to discuss contemporary issues in the arts, humanities, and social sciences, serving as a platform for examining critical themes such as economic development, governance, culture, technology and social transformation,” he noted.
Mr Oladipo, a professor of economics, said the series aims to bridge the gap between theory and practice by encouraging evidence-based discussions and real-world policy insights.
“The initiative also supports capacity building by exposing students and early-career researchers to emerging trends, innovative ideas, and global best practices. In doing so, it enhances research visibility, fosters collaboration, and strengthens the Faculty’s contribution to national and international development discourse.”
Students speak
Describing the lecture as impactful, Nnanna Ohuche, a Master’s student at the school’s economics department, said that the session provided him with “the intricacies and complex nature of how borrowing and debt work in the public sector.”
“It was an enlightening experience, and I agree that it should be held more often. That way, we can bring more experts to demystify the economy gradually,” Mr Ohuche said.
Another student, Aisha Olasope, an undergraduate in the communications department, said the lecture deepened her knowledge of economics.
“The lecture deepened my understanding of economics, specifically on the issue of debt, and taught me that governments of less-developed countries like ours engage in such debt to grow rapidly. Until this moment, I used to think otherwise,” the 300-level student noted.
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