President Bola Tinubu has defended his administration’s plan to secure new foreign loans, insisting that the funds will support critical infrastructure, expand economic opportunities and lay the foundation for Nigeria’s long-term growth.
The President argued that the debate surrounding government borrowing should focus not only on the amount being borrowed but also on the value the country expects to gain from the investments.
Tinubu’s position was conveyed in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,”* shared by his spokesman, Bayo Onanuga, on Thursday.
Responding to criticism, particularly from opposition figures, the President maintained that Nigeria needs substantial investment in infrastructure to strengthen its economy and create opportunities for future generations.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” Tinubu stated.
Among the major projects highlighted by the President are the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos.
He said 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.
According to Tinubu, the Lagos-Calabar Coastal Highway is projected to reduce logistics costs along its corridor by between 15 and 20 per cent. The project could also contribute up to two per cent to Nigeria’s gross domestic product through increased trade, tourism and industrial activities.
The President further projected that the highway could 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,” he said.
Tinubu linked the infrastructure programme to his administration’s ambition to grow Nigeria into a $1 trillion economy by 2030, arguing that the country would require modern infrastructure capable of supporting a much larger economy.
The President also defended the economic reforms introduced since May 2023, including the removal of petrol subsidies, exchange rate unification and tax reforms. He said the measures had helped improve macroeconomic stability, strengthen public finances and restore confidence in Nigeria’s economy.
Citing recent economic indicators, Tinubu noted that Nigeria’s real gross domestic product grew by 4.43 per cent in the second quarter of 2026. He also said headline inflation declined to 14.63 per cent in September, compared with 20.98 per cent a year earlier.
The President added that the country’s gross external reserves stood at $55.1 billion as of October 9, 2026, while the tax-to-GDP ratio had risen to 12.5 per cent from seven per cent.
He argued that these developments, alongside improved assessments by international credit rating agencies, were helping Nigeria attract long-term investment and secure financing on more favourable terms.
Tinubu also said the government was working towards borrowing arrangements that better match the repayment periods of loans with the useful life of the infrastructure being financed. According to him, this approach is intended to reduce refinancing pressures and obtain more competitive funding.
The administration’s next phase of economic strategy, he explained, would prioritise food affordability and energy price stability, fiscal discipline, the completion of major infrastructure projects, improved economic policies and regulation, as well as targeted household support and investment in human development.
The President maintained that the ultimate measure of success would not be the amount of financing secured but the delivery of completed projects, employment opportunities and improved living standards for Nigerians.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.
His defence comes amid growing debate over Nigeria’s proposed external borrowing plan for 2026–2027, which includes requests for approximately $20.52 billion and €1.05 billion** in new loans.
While the administration argues that the proposed borrowing will help address the country’s infrastructure deficit and stimulate economic growth, critics have raised concerns about transparency, debt repayment and the need for detailed information on the projects to be financed.
The proposal has renewed calls for careful scrutiny of the intended projects, loan conditions and expected economic returns as the National Assembly considers the government’s request.
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