President Bola Tinubu has defended his administration’s borrowing plans, saying investments from the loans will expand opportunities for future generations.
In an essay titled “From reforms to delivery: Our infrastructure investment and growth strategy,” President Tinubu said the real question is not how much the country borrows, but what it builds, what value it creates and what future it leaves behind.
He was responding to criticism from opposition leaders over new loans accessed from international institutions and banks.
The President listed the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of key commercial ports in Lagos as major projects expected to strengthen Nigeria’s productive capacity.
He said the projects, alongside investments in healthcare, education and vocational training, would connect economic regions, reduce logistics costs, unlock agricultural and industrial potential and attract private investment.
According to him, the Lagos-Calabar Coastal Highway is expected to cut logistics costs along its corridor by 15 to 20 percent and could add up to two percent to Nigeria’s GDP through expanded trade, tourism and industrial activity, while generating about 100,000 direct jobs and more than 150,000 indirect jobs.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” Tinubu said.
He said the administration’s ambition to build a $1 trillion economy by 2030 would require sustained infrastructure investment.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
President Tinubu said economic reforms introduced in May 2023 have helped restore macroeconomic stability, strengthen public finances and improve the country’s standing in international financial markets, noting that real GDP growth reached 4.43 percent in Q2 2026, headline inflation fell to 14.63 percent in September from 20.98 percent a year earlier, external reserves rose to $55.1 billion as of October 9, 2026, and tax-to-GDP ratio increased to 12.5 percent from 7 percent.
He attributed the improvements to subsidy removal, exchange rate unification, tax reforms and efforts to tackle inflation.
“The decisions taken since 2023 were difficult but necessary,” he said.
Tinubu said confidence in the economy has lowered borrowing costs and risk premium, citing positive assessments by international rating agencies as independent recognition of stronger reserves and improved macroeconomic management.
He said government is shifting public borrowing away from financing short-term fiscal pressures towards investments that generate economic returns, create jobs and secure longer-term financing to match infrastructure lifespan.
He listed five priorities for the next phase of the Federal Executive Council’s economic strategy to include food affordability and energy price stability, budget harmonisation and fiscal discipline, completion of high-impact projects, improved policy framework and regulatory efficiency, and targeted household support.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said, according to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.
