President Bola Tinubu has defended his administration’s borrowing plans, arguing that loans secured from international institutions and banks should be judged by the infrastructure they deliver, the economic value they create and the opportunities they provide for future generations.

The President said Nigeria could not achieve its ambition of becoming a $1 trillion economy by 2030 without sustained investment in critical infrastructure, industrialisation, trade and human capital development.

Tinubu stated this in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” scheduled for publication on Nigerian news platforms, in which he responded to criticism of the government’s borrowing plans, particularly from opposition leaders.

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

He maintained that the administration was moving public borrowing away from financing short-term fiscal pressures towards productive investments capable of generating economic returns, creating jobs and improving living standards.

According to him, Nigeria must invest in infrastructure that can support a significantly larger economy, warning that the country cannot achieve its $1 trillion target with infrastructure designed for an economy a fraction of that size.

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

Coastal highway, superhighways top infrastructure agenda

The President identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos as major projects expected to strengthen Nigeria’s productive capacity.

He said 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 was projected to reduce logistics costs along its corridor by between 15 and 20 per cent and could contribute as much as two per cent to Nigeria’s Gross Domestic Product through increased trade, tourism and industrial activity.

The project is also expected to generate approximately 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,” he said.

The President argued that infrastructure development would be central to expanding economic opportunities, boosting productivity and positioning Nigeria as a more competitive destination for investment.

Tinubu cites economic indicators to defend reforms

In defending his administration’s economic direction, Tinubu pointed to improvements in key economic indicators, which he attributed to reforms introduced since May 2023.

He said Nigeria’s real GDP grew by 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.

The President also disclosed that the country’s gross external reserves had risen to $55.1bn as of October 9, 2026, including approximately $46bn in net reserves.

He further said Nigeria’s tax-to-GDP ratio had increased to 12.5 per cent from seven per cent.

Tinubu attributed the reported improvements to measures including the removal of petrol subsidies, the unification of the foreign exchange market, tax reforms and coordinated efforts to tackle inflation.

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

According to him, the reforms helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.

He added that improved economic indicators and growing investor confidence were creating opportunities for the country to attract long-term capital for infrastructure development.

‘Cost of borrowing is going down’

The President also cited positive assessments by international credit rating agencies and other global financial institutions as evidence of improving confidence in Nigeria’s economy.

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

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

“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 said the government was pursuing financing arrangements that would better match the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding for productive investments.

The President maintained that borrowing for infrastructure could deliver lasting benefits if projects were properly executed, generated economic returns and strengthened the country’s capacity to produce and trade.

Tinubu outlines five economic priorities

Tinubu identified five priorities for the next phase of the Federal Executive Council’s economic strategy.

They include 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 intended to translate the gains from economic reforms into tangible benefits for Nigerians.

The President stressed that the success of the administration’s economic policies would ultimately be measured by completed projects, increased investment, employment generation and improvements in living standards, rather than the amount of financing secured.

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

Tinubu added that Nigeria’s economic ambition must be underpinned by responsible borrowing, effective project delivery and investments capable of creating enduring opportunities for future generations.

The statement was issued on Thursday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.