President Bola Tinubu has defended his administration’s borrowing plans, arguing that the value of the investments financed with borrowed funds matters more than the amount borrowed.

Tinubu made the position known in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” scheduled for publication on Nigerian news platforms.

Responding to criticism, particularly from opposition leaders, over loans obtained from international institutions and banks, the President said the focus should be on what the country builds and the economic value it creates.

“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” he wrote.

FG Lists Major Infrastructure Projects

According to a statement issued on Thursday by Bayo Onanuga, the President’s Special Adviser on Information and Strategy, Tinubu identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of major commercial ports in Lagos as key projects.

He said the investments, alongside spending on healthcare, education and vocational training, would connect economic regions, reduce logistics costs, improve agricultural and industrial output, and attract private investment.

The President projected that the Lagos-Calabar Coastal Highway could reduce logistics costs along its route by 15 to 20 per cent and contribute up to two per cent to Nigeria’s gross domestic product through increased trade, tourism and industrial activity.

He also estimated that the project could generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, materials and related services.

“We’re not simply building highways. We’re opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” Tinubu said.

Tinubu Links $1trn Economy Target to Infrastructure

The President said achieving his administration’s ambition of building a $1 trillion economy by 2030 would require sustained investment in infrastructure to support productivity, industrialisation and trade.

“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.

Tinubu maintained that economic growth and improvements in Nigeria’s financial standing could help attract long-term investments needed to expand critical infrastructure.

He attributed the progress to reforms introduced since May 2023, including the removal of petrol subsidies, exchange rate unification, tax reforms and measures to tackle inflation.

“The decisions taken since 2023 were difficult but necessary,” he said.

President Cites Economic Indicators

Tinubu said Nigeria’s real GDP grew by 4.43 per cent in the second quarter of 2026, while headline inflation fell 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, including about $46 billion in net reserves. The country’s tax-to-GDP ratio, he added, had risen to 12.5 per cent from seven per cent.

According to the President, these indicators and assessments by international credit rating agencies point to improved confidence in Nigeria’s economy.

“Confidence has a price; our cost of borrowing is going down, and the country’s risk premium has drastically decreased,” he said.

Tinubu argued that stronger reserves, improved macroeconomic management and greater financial credibility could help Nigeria attract institutional investors, secure longer-term financing and lower borrowing costs.

FG Shifts Focus to Long-Term Investments

The President said his administration was moving public borrowing away from short-term fiscal pressures towards investments expected to generate economic returns, create jobs and provide opportunities for future generations.

He added that the government was pursuing longer-term financing arrangements that would match the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding.

Tinubu identified five priorities for the next phase of the Federal Executive Council’s economic strategy: food affordability and energy price stability; budget harmonisation and fiscal discipline; completion of major projects and investment in critical infrastructure; improved economic policy and regulatory efficiency; and targeted household support alongside investment in human development.

He said the success of the administration’s economic policies would be measured by completed projects, increased investment, employment generation and improved living standards.

“Securing financing isn’t an achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.