By Clement Nwabuko
ABUJA (PRECISE POST) – President Bola Tinubu has defended his administration’s borrowing plans amid criticism from opposition leaders, insisting that loans secured from international institutions and banks are intended to finance critical infrastructure, expand economic opportunities and secure a prosperous future for generations of Nigerians.
According to the statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, and dated October 29, 2026, Tinubu argued that the value of borrowing should be assessed not merely by the amount incurred but by the economic benefits, infrastructure and opportunities created through the investments.
In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” scheduled for publication on Nigerian news platforms, the President said the government was shifting public borrowing away from short-term fiscal pressures towards investments capable of generating long-term economic returns.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” he stated.
The President identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of major commercial ports in Lagos as strategic projects expected to strengthen Nigeria’s productive capacity.
According to him, the projects, alongside investments in healthcare, education and vocational training, would connect economic regions, reduce transportation and logistics costs, unlock agricultural and industrial potential, and attract private-sector investment.
Tinubu said the Lagos-Calabar Coastal Highway alone was projected to reduce logistics costs along its corridor by between 15 and 20 per cent, while potentially contributing up to two per cent to Nigeria’s Gross Domestic Product through expanded trade, tourism and industrial activities.
He added that the project was expected to generate approximately 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,” the President said.
Tinubu maintained that his administration’s ambition to build a $1 trillion economy by 2030 would require sustained investments in infrastructure to support industrialisation, trade and higher productivity.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
The President attributed improvements in key economic indicators to reforms introduced since May 2023, including the removal of petrol subsidies, unification of the foreign exchange market, tax reforms and coordinated efforts to tackle inflation.
He said the measures, though difficult, had 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,” Tinubu stated.
Citing recent economic indicators, the President 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 recorded a year earlier.
He also disclosed that the country’s gross external reserves rose to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves.
Tinubu further said Nigeria’s tax-to-GDP ratio had increased to 12.5 per cent from seven per cent, describing the development as part of efforts to strengthen domestic revenue generation and reduce fiscal vulnerabilities.
According to him, improving economic indicators and renewed international investor confidence are creating opportunities for Nigeria to attract long-term capital and finance critical infrastructure.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
The President cited positive assessments by international credit rating agencies and other financial institutions as evidence of improved confidence in Nigeria’s economic management.
“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.
He argued that the improved economic standing could help Nigeria attract more institutional investors, secure longer-term financing and reduce borrowing costs.
Tinubu also said the government was pursuing financing arrangements that better matched the repayment periods of loans with the useful lifespan of infrastructure assets.
According to him, the approach would reduce refinancing pressures and secure more competitive funding for investments capable of supporting long-term economic growth.
He stressed, however, that access to financing alone would not constitute success, insisting that borrowed funds must translate into completed projects, employment opportunities and measurable improvements in citizens’ living standards.
The President outlined five priorities for the next phase of the Federal Executive Council’s economic strategy: improving food affordability and 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 alongside investments in human development.
He said the priorities were designed to consolidate the gains of ongoing reforms while ensuring that economic growth translated into tangible benefits for Nigerians.
Tinubu maintained that the success of his administration’s economic policies would ultimately be determined by the quality of infrastructure delivered, the volume of investments attracted, jobs created and improvements in the welfare of citizens.
“Securing financing is not the achievement.
Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.
The President added that Nigeria’s economic ambitions must be underpinned by responsible borrowing, disciplined implementation and investments that generate sustainable returns for present and future generations.
