President Bola Tinubu has defended his administration’s borrowing plans, insisting that loans secured from international institutions and banks will finance critical infrastructure, stimulate economic growth and create opportunities for future generations.
In a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu argued that the value of borrowing should be measured by the projects delivered and the economic benefits generated, rather than the amount borrowed.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” he said in an essay titled, “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy.”
In the article, scheduled for publication on Nigerian news platforms, Tinubu identified major infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos, as essential to expanding 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 the President, the Lagos-Calabar Coastal Highway is expected to reduce logistics costs along its corridor by 15 to 20 per cent and potentially contribute up to two per cent to Nigeria’s Gross Domestic Product through increased trade, tourism and industrial activities.
He added that the project could generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, materials supply and related services.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” Tinubu said.
The President maintained that achieving his administration’s ambition of building a $1 trillion economy by 2030 would require sustained investment in infrastructure to support productivity, industrialisation and trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he stated.
Tinubu also cited improving economic indicators as evidence that the reforms introduced since May 2023 were helping to restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.
He said real GDP growth reached 4.43 per cent in the second quarter of 2026, while headline inflation declined to 14.63 per cent in September from 20.98 per cent recorded a year earlier.
The President further disclosed that Nigeria’s gross external reserves rose to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves. He also said the country’s tax-to-GDP ratio increased to 12.5 per cent from seven per cent.
Tinubu attributed the developments to measures introduced by his administration, including the removal of petrol subsidies, exchange rate unification, tax reforms and coordinated efforts to tackle inflation.
“The decisions taken since 2023 were difficult but necessary,” he said.
According to him, the reforms have strengthened the country’s capacity to attract investment and finance projects capable of supporting long-term economic growth.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” the President said.
He pointed to positive assessments by international credit rating agencies as evidence of growing confidence in Nigeria’s economy, noting that such assessments reflect improvements in external reserves, macroeconomic management and financial credibility.
Tinubu said the improved standing could enable Nigeria to attract more institutional investors, secure longer-term financing and reduce borrowing costs.
Defending the administration’s borrowing strategy, the President said the government was moving away from using public loans primarily to address short-term fiscal pressures towards financing investments expected to generate economic returns, create jobs and expand opportunities for future generations.
He added that the government was pursuing longer-term financing arrangements that would match the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding for productive investments.
The President, however, stressed that Nigeria must translate renewed international confidence into capital expenditure, completed projects and tangible improvements in citizens’ lives.
He outlined five priorities for the next phase of the Federal Executive Council’s economic strategy: ensuring food affordability and energy price stability; harmonising budgets and maintaining fiscal discipline; completing high-impact projects and investing in critical infrastructure; improving the economic policy framework and regulatory efficiency; and providing targeted household support alongside investments in human development.
Tinubu said the success of the administration’s economic programmes would ultimately be determined by completed projects, increased investment, employment generation and improved living standards.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.
The President reiterated that Nigeria’s economic ambitions must be underpinned by responsible borrowing and investments capable of delivering lasting benefits to citizens and creating opportunities for future generations.