President Bola Ahmed Tinubu has defended his administration’s borrowing plans amid criticism from opposition leaders, saying loans secured from international institutions and banks are intended to finance infrastructure and investments that will create jobs, boost productivity and expand opportunities for future generations.
The President stated this in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” in which he argued that the value of borrowing should be measured by the projects delivered and the economic benefits they generate.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” PBAT said.
He identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos as key projects expected to strengthen Nigeria’s productive capacity.
According to him, these investments, alongside spending on healthcare, education and vocational training, would improve connectivity between economic regions, reduce transportation costs, unlock agricultural and industrial potential and attract private-sector investment.
Tinubu said 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 activities.
He added that the project could generate about 100,000 direct jobs in construction and engineering, as well as 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.
PBAT maintained that achieving his administration’s ambition of building a $1 trillion economy by 2030 would require sustained investment 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 cited improvements in selected economic indicators as evidence of progress under his administration’s reform programme, stating that 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 also reported that gross external reserves stood at $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves, while the tax-to-GDP ratio rose to 12.5 per cent from seven per cent.
PBAT attributed the reported developments to measures introduced since May 2023, including the removal of petrol subsidies, exchange rate unification, tax reforms and efforts to contain inflation.
“The decisions taken since 2023 were difficult but necessary,” he said.
According to the President, the reforms have helped strengthen public finances, restore macroeconomic stability and improve Nigeria’s standing in international financial markets, creating opportunities to attract long-term investment.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
He also pointed to assessments by international credit rating agencies and other financial market institutions, which he said reflected improvements in Nigeria’s external reserves, macroeconomic management and 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,” Tinubu said.
The President said improved investor confidence could help Nigeria attract more institutional investors, secure longer-term financing and reduce borrowing costs.
He explained that his administration was seeking to redirect public borrowing from meeting short-term fiscal pressures towards productive investments capable of generating economic returns, creating employment and delivering lasting benefits.
Tinubu added that the government was pursuing longer-term financing arrangements that would better match the lifespan of infrastructure projects, reduce refinancing pressures and secure more competitive funding.
He said the priority was to translate improved international confidence into capital expenditure, completed projects and tangible benefits for Nigerians.
Outlining the next phase of the Federal Executive Council’s economic strategy, the President identified five priority areas: food affordability and energy price stability; budget harmonisation and fiscal discipline; completion of high-impact projects and investment in critical infrastructure; improvements to the economic policy framework and regulatory efficiency; and targeted household support alongside investment in human development.
He stressed that the success of the administration’s economic programme would ultimately depend on the delivery of projects, increased investment, employment generation and improvements in citizens’ 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 President maintained that Nigeria’s economic ambitions must be backed by responsible borrowing, effective project execution and investments that provide sustainable opportunities for future generations.
The statement was issued on October 29, 2026, by Bayo Onanuga, Special Adviser to the President on Information and Strategy.