By Dennis Okechukwu
President Bola Tinubu has defended his administration’s borrowing plans amid criticism from opposition leaders, arguing that loans secured from international institutions and banks will finance infrastructure projects, create jobs and expand economic opportunities for future generations.
The President said the key consideration should not be the amount borrowed but the economic value and long-term benefits of projects financed with the funds.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” Tinubu said in an essay titled From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy, scheduled for publication on Nigerian news platforms.
According to a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of major commercial ports in Lagos as key projects expected to strengthen Nigeria’s productive capacity.
Tinubu said the projects, alongside investments in healthcare, education and vocational training, would improve connectivity between economic regions, reduce logistics costs, unlock agricultural and industrial potential and attract private investment.
He said the Lagos-Calabar Coastal Highway was projected 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 activity.
The highway is also expected to generate about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs across logistics, building 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,” the President said.
Tinubu maintained that achieving his administration’s ambition of building a $1 trillion economy by 2030 would require sustained investment in infrastructure capable of supporting higher productivity, industrialisation and expanded trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
The President also attributed improvements in some economic indicators to reforms introduced since May 2023, including the removal of petrol subsidies, unification of the foreign exchange market, tax reforms and coordinated efforts to tackle inflation.
He said the measures had helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.
Tinubu cited real GDP growth of 4.43 per cent in the second quarter of 2026 and a decline in headline inflation to 14.63 per cent in September, compared with 20.98 per cent in the corresponding period of the previous year.
He also disclosed that Nigeria’s gross external reserves had risen to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves.
According to him, the country’s tax-to-GDP ratio had increased to 12.5 per cent from seven per cent.
“The decisions taken since 2023 were difficult but necessary,” Tinubu said, adding that the gains were improving the country’s capacity to attract investments and finance projects that support long-term economic growth.
He further argued that improving investor confidence and positive assessments by international credit rating agencies could help Nigeria secure longer-term financing at more competitive rates.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
The President described the assessments by international rating agencies, index providers, regulators and investors as independent recognition of improvements in Nigeria’s external reserves, macroeconomic management and financial credibility.
He said the administration was repositioning public borrowing away from meeting short-term fiscal pressures towards investments capable of generating economic returns, creating employment and expanding opportunities for future generations.
Tinubu 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.
He stressed that Nigeria must translate renewed international confidence into capital expenditure, completed projects and tangible economic benefits for citizens.
Outlining five priorities for the next phase of the Federal Executive Council’s economic strategy, the President identified food affordability and energy price stability; budget harmonisation and fiscal discipline; completion of high-impact projects and investment in critical infrastructure; improvements in the economic policy framework and regulatory efficiency; and targeted household support alongside investment in human development.
He said the success of the administration’s economic policies would ultimately be determined by completed projects, increased investment, employment generation and improvements in living standards.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” Tinubu said.
He added that the country’s economic ambitions must be supported by responsible borrowing and investments that deliver lasting benefits to present and future generations.