President Bola Tinubu has defended his administration's fresh borrowing plans, stating that the critical question is not how much Nigeria borrows but what it builds with the funds. In an essay, Tinubu responded to criticism from opposition leaders over new loans accessed from international institutions and banks. The statement was signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on October 29, 2026.
Tinubu listed major projects expected to strengthen Nigeria's productive capacity, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades, and modernisation of key commercial ports in Lagos. These projects, alongside investments in healthcare, education, and vocational training, would connect economic regions, reduce logistics costs, unlock agricultural and industrial potential, and attract private investment.
The President said the Lagos-Calabar Coastal Highway alone is expected to cut logistics costs along its corridor by 15 to 20 per cent, potentially add up to two per cent to Nigeria's GDP through expanded trade, tourism, and industrial activity, and generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics and related services.
Tinubu said his ambition to build a $1 trillion economy by 2030 would require sustained infrastructure investment, stressing that Nigeria cannot build a $1 trillion economy with infrastructure designed for an economy a fraction of that size. He argued that the economic reforms introduced in May 2023 have restored macroeconomic stability, strengthened public finances, and improved the country's standing in international financial markets.
The President cited improved economic indicators, including real Gross Domestic Product growth of 4.43 per cent in the second quarter of 2026, headline inflation of 14.63 per cent in September, and gross external reserves of $55.1 billion as of October 9, 2026. He said these indicators and growing international investor confidence were lowering borrowing costs.
Tinubu said his administration was shifting public borrowing away from financing short-term fiscal pressures towards investments that generate economic returns, create jobs, and expand opportunities for future generations. He identified five priorities for the next phase of the Federal Executive Council's economic strategy, including food affordability and energy price stability, budget harmonisation and fiscal discipline, and completion of high-impact projects.
The President stressed that success would not be measured by securing financing but by delivery, saying that securing financing is not the achievement, but completing the project, delivering value, and improving the lives of Nigerians is the achievement. He added that positive assessments by international credit rating agencies were not political endorsements but independent recognitions of stronger reserves and improved macroeconomic management.
Key points
- President Tinubu defends fresh borrowing plans, saying focus should be on what loans build.
- Nigeria's economic reforms have restored macroeconomic stability and improved the country's standing in international financial markets.
- Tinubu aims to build a $1 trillion economy by 2030 through sustained infrastructure investment.
