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 an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” the President said the focus should be on the value generated from borrowed funds rather than the amount borrowed, amid criticism from opposition leaders over the country’s borrowing plans.
According to a statement issued by the his Special Adviser on Information and Strategy, Bayo Onanuga, on Thursday President Tinubu identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of commercial ports in Lagos as key projects expected to boost productivity, reduce transportation costs and attract private investment.
The President said the Lagos-Calabar Coastal Highway could reduce logistics costs along its corridor by 15 to 20% and contribute up to 2% to Nigeria’s Gross Domestic Product, GDP. The project is also projected to generate about 100,000 direct jobs and more than 150,000 indirect jobs.
Tinubu maintained that the administration’s ambition to build a $1trillion economy by 2030 would require sustained investment in infrastructure, industrialisation and trade.
He said the economic reforms introduced since May 2023, including petrol subsidy removal and exchange rate unification, had helped strengthen public finances and improve investor confidence.
Citing economic indicators, the President said Nigeria’s GDP grew by 4.43% in the second quarter of 2026, while headline inflation declined to 14.63% in September from 20.98% a year earlier. He added that external reserves stood at $55.1 billion as of October 9, 2026.
Tinubu said improved international credit assessments could help Nigeria attract long-term investment and reduce borrowing costs, adding that government borrowing was being redirected towards projects capable of generating economic returns rather than financing short-term fiscal pressures.
The President said the success of the administration’s economic strategy would ultimately be measured by completed projects, jobs created and improved living standards, stressing that securing financing alone was not the achievement, but delivering value and improving the lives of Nigerians.
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Editor: Terverr Tyav
