President Bola Tinubu has defended his administration’s foreign borrowing plans, saying Nigeria needs sustained investment in critical infrastructure to achieve its ambition of becoming a $1 trillion economy by 2030.
The President argued that the success of government borrowing should be measured by the economic value generated by projects funded with the loans, rather than the amount of debt accumulated.
According to a statement issued on Thursday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu made the remarks in an essay titled From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy.
His defence comes amid growing criticism of the Federal Government’s borrowing plans and concerns about their implications for Nigeria’s debt burden.
“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.
Tinubu Lists Infrastructure Projects to Drive Economic Growth
The President 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.
Tinubu said the Lagos-Calabar Coastal Highway is expected to reduce logistics costs along its corridor by 15 to 20 per cent.
He added that the project could contribute up to two per cent to Nigeria’s Gross Domestic Product (GDP) through expanded trade, tourism and industrial activities.
The President also projected that the highway would generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in 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,” he said.
Tinubu maintained that Nigeria could not achieve its $1 trillion economic ambition with infrastructure designed for an economy significantly smaller than its projected size.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he added.
Tinubu Highlights Economic Gains From Reforms
The President also attributed improvements in key economic indicators to reforms introduced by his administration since May 2023.
These include the removal of petrol subsidy, exchange rate unification, tax reforms and measures aimed at tackling inflation.
Tinubu said Nigeria’s real GDP growth reached 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 a year earlier.
He further disclosed that gross external reserves rose to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves.
The President also said Nigeria’s tax-to-GDP ratio increased to 12.5 per cent from seven per cent.
According to him, the reforms have helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.
“The decisions taken since 2023 were difficult but necessary. Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” Tinubu said.
Tinubu Defends Borrowing Costs, Promises Accountability
The President cited positive assessments by international credit rating agencies as evidence of improved investor confidence.
He maintained that the assessments reflected stronger external reserves, improved macroeconomic management and greater financial credibility.
“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,” he said.
Tinubu said Nigeria’s improved standing could help attract institutional investors, secure longer-term financing and reduce borrowing costs.
He added that his administration was shifting public borrowing away from financing short-term fiscal pressures towards investments expected to generate economic returns, create jobs and expand opportunities for future generations.
The government is also pursuing longer-term financing arrangements that match the repayment period with the lifespan of infrastructure assets, a strategy Tinubu said would reduce refinancing pressures and secure more competitive funding.
Tinubu Unveils Five Economic Priorities
The President outlined five priorities for the next phase of the Federal Executive Council’s economic strategy.
They include 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.
He said the administration’s economic performance would ultimately be measured by completed projects, increased investment, 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,” Tinubu said.
The President maintained that Nigeria’s economic ambitions must be backed by responsible borrowing and investments capable of creating lasting opportunities for future generations.
