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Tinubu

President Bola Tinubu has defended his administration’s borrowing plans, insisting that loans secured from international institutions and banks will finance critical infrastructure, stimulate economic growth and create opportunities for future generations.

Responding to criticism from opposition leaders over external borrowing, Tinubu said the effectiveness of government loans should be measured by the economic value generated from funded projects rather than the amount borrowed.

In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” he argued that Nigeria must invest in infrastructure capable of supporting its ambition to become a $1 trillion economy by 2030.

“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 projects identified in the strategy include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of key commercial ports in Lagos.

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The investments, alongside spending on healthcare, education and vocational training, are expected to improve connectivity between economic centres, reduce transportation costs, unlock agricultural and industrial potential and attract private-sector investment.

The Lagos-Calabar Coastal Highway is 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 project could also generate approximately 100,000 direct construction and engineering jobs, alongside more than 150,000 indirect jobs across 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 said.

He maintained that economic reforms introduced in May 2023 had helped strengthen public finances, improve macroeconomic stability and restore international investor confidence.

Citing official economic indicators, the President said 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 a year earlier.

Gross external reserves stood at $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves. The tax-to-GDP ratio also rose to 12.5 per cent from seven per cent, according to the essay.

Tinubu attributed the reported improvements to measures including petrol subsidy removal, exchange-rate unification and tax reforms, acknowledging that the decisions had been difficult but necessary.

He added that improved credit assessments and declining country-risk perceptions could help Nigeria attract institutional investors, secure longer-term financing and reduce borrowing costs.

The administration, he said, was shifting public borrowing away from short-term fiscal pressures towards productive investments, with financing arrangements designed to match infrastructure costs to the lifespan of the assets and reduce refinancing risks.

Priorities for the next phase include food affordability, energy price stability, fiscal discipline, completion of major infrastructure projects, regulatory efficiency and targeted household support.

Tinubu said the borrowing strategy would ultimately be judged by completed projects, employment generation, increased investment 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 said.

The Traffic NG
President Bola Ahmed Tinubu
Amarachi Ihesiulo

Ihesiulo Grace Amarachi is a Nigerian journalist, writer and media professional serving as the Editor-in-Chief of TheTraffic.NG, a digital news platform covering national and international affairs. Her editorial interests span politics, business, aviation, health, technology, entertainment, sports and social development. She is committed to credible journalism, insightful reporting and compelling storytelling that informs public discourse and keeps readers abreast of important developments in Nigeria, Africa and beyond.

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