President Bola Ahmed Tinubu has defended Nigeria’s borrowing from international financial institutions and banks, arguing that the loans are intended to finance critical infrastructure, stimulate economic growth and create opportunities for future generations.
The President made his position known in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” published on Thursday by his spokesman, Bayo Onanuga, on X.
Responding to criticism, particularly from opposition leaders, Tinubu maintained that the country’s borrowing should be assessed based on the value of the projects financed and their long-term economic benefits.
“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.
Major Infrastructure Projects
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.
According to the President, the projects, alongside investments in healthcare, education and vocational training, would improve connectivity between economic regions, reduce transportation and logistics costs, unlock agricultural and industrial potential, and attract private investment.
He said the Lagos-Calabar Coastal Highway could reduce logistics costs along its corridor by 15 to 20 per cent and contribute up to two per cent to Nigeria’s Gross Domestic Product through increased trade, tourism and industrial activities.
The project is also projected to generate approximately 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, building materials and related sectors.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” Tinubu stated.
He linked the infrastructure investments to his administration’s ambition to grow Nigeria into a $1 trillion economy by 2030.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he added.
Tinubu Highlights Economic Indicators
The President also defended the economic reforms introduced since May 2023, including petrol subsidy removal, exchange rate unification and tax reforms, describing them as difficult but necessary decisions aimed at strengthening the economy.
He said the reforms had helped restore macroeconomic stability, improve public finances and strengthen Nigeria’s position 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 2026, compared with 20.98 per cent in September 2025.
He further 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.
The President also noted that the country’s tax-to-GDP ratio had increased from seven per cent to 12.5 per cent.
According to him, the improving economic indicators and growing international investor confidence were creating opportunities for Nigeria to attract long-term investment at more competitive borrowing costs.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
Tinubu cited assessments by international credit rating agencies and other financial institutions as evidence of improved confidence in Nigeria’s economic management.
He maintained that such assessments reflected improvements in external reserves, macroeconomic management and the country’s financial credibility.
Shift Towards Productive Borrowing
The President said his administration was working to redirect public borrowing away from short-term fiscal pressures towards investments capable of generating economic returns, creating jobs and expanding opportunities for Nigerians.
He added that the government was pursuing longer-term financing arrangements that would align repayment structures with the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding.
Tinubu stressed that attracting financing alone would not be sufficient, insisting that the ultimate objective must be the completion of projects and the delivery of measurable benefits to citizens.
Five Priorities for Economic Growth
The President outlined five priorities for the next phase of the Federal Executive Council’s economic strategy.
They include improving food affordability and maintaining energy price stability; harmonising budgets and strengthening fiscal discipline; completing high-impact projects and investing in critical infrastructure; improving the economic policy framework and regulatory efficiency; and providing targeted household support while investing in human development.
He said the administration’s economic programmes would ultimately be assessed by their ability to deliver completed infrastructure, attract investment, generate employment and improve living standards.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” Tinubu stated.
He added that Nigeria’s economic ambitions must be backed by responsible borrowing, effective project delivery and investments capable of creating lasting opportunities for future generations.
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