President Bola Tinubu has defended his administration’s decision to obtain fresh loans from international institutions and banks, saying the funds will support infrastructure projects and create lasting economic opportunities for Nigerians.
The President responded to criticism, particularly from opposition leaders, in an essay titled From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy.
Tinubu argued that the debate over public borrowing should focus on what the government builds with the funds and the economic value those projects create.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” he 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.
According to him, the projects, alongside investments in healthcare, education and vocational training, will connect economic regions, reduce transportation costs and support agricultural and industrial development.
Tinubu Defends Infrastructure Investment and Job Creation
Tinubu said the Lagos-Calabar Coastal Highway could reduce logistics costs along its route by 15 to 20 per cent.
He also projected that the project could contribute up to two per cent to Nigeria’s Gross Domestic Product through increased trade, tourism and industrial activities.
The President said the highway could generate about 100,000 direct jobs in construction and engineering. He added that logistics, building materials and related services could create more than 150,000 indirect jobs.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” he said.
Tinubu maintained that Nigeria’s ambition to achieve a $1 trillion economy by 2030 would require sustained investment in infrastructure, productivity, industrialisation and trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he added.
Tinubu Links Economic Reforms to Improved Indicators
The President attributed improvements in Nigeria’s economic indicators to reforms introduced since May 2023.
He listed petrol subsidy removal, exchange rate unification, tax reforms and coordinated efforts to tackle inflation among the major decisions taken by his administration.
Tinubu said the measures had helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s position in international financial markets.
He reported that real GDP growth reached 4.43 per cent in the second quarter of 2026. He also said headline inflation dropped to 14.63 per cent in September from 20.98 per cent a year earlier.
The President added that gross external reserves stood at $55.1 billion as of October 9, 2026, including about $46 billion in net reserves.
He also cited an increase in the tax-to-GDP ratio from seven per cent to 12.5 per cent.
Tinubu described the reforms as difficult but necessary decisions that had improved the country’s ability to attract investment and finance long-term projects.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
President Cites International Confidence in Nigeria
Tinubu also pointed to positive assessments by international credit rating agencies as evidence of improved investor confidence.
He said the assessments reflected stronger external reserves, improved macroeconomic management and greater 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,” the President said.
He argued that Nigeria’s improved international standing could attract more institutional investors, provide access to longer-term financing and reduce borrowing costs.
According to him, the government is shifting public borrowing away from short-term fiscal pressures towards investments capable of generating economic returns.
He said the administration was also pursuing longer-term financing arrangements that match the lifespan of infrastructure assets. The approach, he explained, would reduce refinancing pressures and support more competitive funding for productive projects.
Tinubu Lists Five Priorities for Economic Strategy
The President said Nigeria must turn renewed international confidence into capital investment, completed infrastructure and measurable benefits for citizens.
He 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 high-impact projects and investment in critical infrastructure.
- An improved economic policy framework and regulatory efficiency.
- Targeted household support and investment in human development.
Tinubu said the government would measure the success of its economic policies through completed projects, increased investment, job creation and improved living standards.
“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he said.
He added that Nigeria’s ambition for a larger economy must rest on responsible borrowing and investments that provide lasting opportunities for future generations.
The statement was issued on October 29, 2026, by Bayo Onanuga, Special Adviser to the President on Information and Strategy.