President Bola Ahmed 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,” to be published on Nigerian news platforms, President Tinubu responded to criticism, especially from opposition leaders, over new loans accessed from international institutions and banks.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” the President wrote.
Tinubu identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the 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 the President, the Lagos-Calabar Coastal Highway is expected to cut logistics costs along its corridor by 15 to 20 per cent and could add up to two per cent to Nigeria’s GDP through expanded trade, tourism, and industrial activity. The project is also projected to generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, materials and related services.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” he 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,” Tinubu said.
The President said improving economic indicators and growing investor confidence are creating opportunities to attract long-term investment.
He noted that real Gross Domestic Product growth reached 4.43 per cent in the second quarter of 2026, while headline inflation fell to 14.63 per cent in September from 20.98 per cent a year earlier. Gross external reserves rose to $55.1 billion as of October 9, 2026, including about $46 billion in net reserves, while the tax-to-GDP ratio increased to 12.5 per cent from seven per cent.
Tinubu attributed the improvements to measures including petrol subsidy removal, exchange rate unification, tax reforms and coordinated efforts to tackle inflation.
“The decisions taken since 2023 were difficult but necessary,” he said.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he added.
“These are not political endorsements; they are independent assessments by global rating agencies, index providers, regulators and investors, recognising stronger external reserves, improved macroeconomic management and greater financial credibility,” Tinubu said.
He said the administration was shifting public borrowing away from financing short-term fiscal pressures towards investments that would generate economic returns, create jobs and expand opportunities.
He added that government was also pursuing longer-term financing arrangements to match the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding.
The President listed five priorities for the next phase of the Federal Executive Council’s economic strategy: food affordability and energy price stability; budget harmonisation and fiscal discipline; completion of high-impact projects and investment in critical infrastructure; an improved economic policy framework and regulatory efficiency; and targeted household support alongside investment in human development.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.
