President Bola Ahmed Tinubu has defended his administration’s borrowing plans amid growing criticism from opposition leaders, insisting that funds secured from international financial institutions and banks are being channelled into strategic investments capable of transforming Nigeria’s economy and creating opportunities for future generations.
In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” President Tinubu argued that the focus of public borrowing should not be limited to the amount borrowed but should be on the economic value, infrastructure and long-term benefits generated from such investments.
“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.
The President identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos as key infrastructure projects expected to strengthen Nigeria’s productive capacity.
According to him, the projects, alongside investments in healthcare, education and vocational training, will connect economic regions, reduce transportation and logistics costs, unlock agricultural and industrial potential, and attract private sector investments.
Tinubu disclosed that the Lagos-Calabar Coastal Highway is projected to reduce logistics costs along its corridor by between 15 and 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 approximately 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect employment opportunities 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 stated.
Tinubu maintained that achieving his administration’s ambition of building a $1 trillion economy by 2030 would require sustained investments in infrastructure to support productivity, industrialisation and international trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
Highlighting improvements in key economic indicators, the President said Nigeria’s real GDP grew by 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 in the corresponding period of the previous year.
He further disclosed that the country’s gross external reserves increased to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves, while the tax-to-GDP ratio rose to 12.5 per cent from seven per cent.
The President attributed these developments to economic measures introduced by his administration since May 2023, 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 stated.
According to him, the reforms have helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.
Tinubu also said renewed investor confidence was creating opportunities for the country to attract long-term investments and secure funding for critical infrastructure projects.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
Citing positive assessments by international credit rating agencies, the President maintained that Nigeria’s improved economic standing reflects stronger external reserves, better macroeconomic management and enhanced financial credibility.
He explained that the developments could enable the country to attract more institutional investors, access longer-term financing and reduce borrowing costs.
The President further emphasised that his administration was repositioning public borrowing from financing short-term fiscal pressures towards productive investments capable of generating economic returns, creating employment and expanding opportunities for future generations.
He added that the government was pursuing longer-term financing arrangements that align with the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding for development projects.
Tinubu said Nigeria must translate renewed international confidence into increased capital expenditure, completed infrastructure and tangible improvements in citizens’ living conditions.
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; improved economic policy frameworks and regulatory efficiency; and targeted household support alongside investment in human development.
He stressed that the success of the administration’s economic policies would ultimately be determined by completed projects, increased investments, job creation 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 declared.
The President reiterated that Nigeria’s ambition of becoming a $1 trillion economy must be anchored on responsible borrowing, productive investments and infrastructure development that will deliver sustainable economic benefits for present and future generations.
