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Nigeria’s President Bola Tinubu has defended his administration’s borrowing plans, saying investments in roads, electricity, ports, healthcare and education will create jobs, boost economic growth and expand opportunities for future generations.
In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” released by Bayo Onanuga, Special Adviser to the President, Information and Strategy, on Thursday, Tinubu said the focus should be on how borrowed funds are used and the value they 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 wrote.
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The President’s defence follows criticism from opposition leaders over loans obtained from international institutions and banks.
Tinubu 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 economy.
He said the projects would connect economic regions, reduce transport costs, improve trade and unlock agricultural and industrial opportunities. Investments in healthcare, education and vocational training would also help attract private investors and develop the workforce.
According to Tinubu, the Lagos-Calabar Coastal Highway is expected to reduce logistics costs along its route by 15 to 20 per cent. He added that the project could contribute up to two per cent to Nigeria’s gross domestic product (GDP) through increased trade, tourism and industrial activity.
The highway is also projected to create about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, 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.
Tinubu said his administration’s target of building a $1 trillion economy by 2030 would require sustained infrastructure investment to improve productivity, support industrialisation and expand trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
The President also pointed to improvements in key economic indicators as evidence that the government’s reforms were creating room for further investment. He 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.
Tinubu added that gross external reserves rose to $55.1 billion as of October 9, 2026, including about $46 billion in net reserves. He also said the tax-to-GDP ratio increased to 12.5 per cent from seven per cent.
He attributed the improvements to reforms introduced since May 2023, including removing the petrol subsidy, unifying the exchange rate, tax reforms, and measures to tackle inflation.
“The decisions taken since 2023 were difficult but necessary,” he said.
Tinubu said the reforms had helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets. He also cited positive assessments by international credit rating agencies as signs of growing investor confidence.
“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.
According to the President, improved investor confidence could help Nigeria attract more institutional investors, secure longer-term financing and reduce borrowing costs.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he added.
Tinubu said his administration was shifting public borrowing away from short-term fiscal needs towards projects that could generate economic returns, create jobs and benefit future generations.
He added that the government was pursuing longer-term financing arrangements that match the lifespan of infrastructure projects. The approach, he said, would reduce refinancing pressures and secure more competitive funding.
The President outlined five priorities for the next phase of the National Executive Council’s economic strategy. They include making food more affordable, stabilising energy prices, improving budget coordination and fiscal discipline, completing major infrastructure projects, and strengthening economic policies and regulations.
Other priorities include targeted household support and investment in human development.
Tinubu said the success of the government’s economic policies would depend on 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 stressed that Nigeria’s economic ambitions must be supported by responsible borrowing and investments that deliver lasting benefits to citizens.
STATEHOUSE PRESS RELEASE
PRESIDENT TINUBU DEFENDS BORROWING PLANS, SAYS INVESTMENTS WILL EXPAND OPPORTUNITIES FOR FUTURE GENERATIONS
President Bola Tinubu has robustly responded to criticism, especially from opposition leaders, over new loans the country has accessed from international institutions and banks.
In an essay titled “From reforms to delivery: Our infrastructure investment and growth strategy,” to be published on Nigerian news platforms, President Tinubu wrote: “The real question is not how much we borrow, but what we build, what value we create and what future we leave behind.”
President Tinubu 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 logistics costs, unlock agricultural and industrial potential and attract private investment.
The Lagos-Calabar Coastal Highway is expected to cut logistics costs along its corridor by 15 to 20 per cent. It could add up to two per cent to Nigeria’s GDP through expanded trade, tourism, and industrial activity.
The project is also projected to generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, 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.
He said the administration’s ambition to build a $1 trillion economy by 2030 would require sustained infrastructure investment to support higher productivity, industrialisation and trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” Tinubu said.
He wrote that improving economic indicators and growing international investor confidence are creating opportunities for Nigeria to attract long-term investment and expand critical infrastructure.
The President said the economic reforms his administration introduced in May 2023 helped restore macroeconomic stability, strengthen public finances, and improve the country’s standing in international financial markets.
He said a $1 trillion economy would not emerge by declaration alone but must be built through sustained investment, higher productivity, industrialisation, and trade, stressing that infrastructure development would be critical to achieving the target by 2030.
In an article titled “From reforms to delivery: Our infrastructure investment and growth strategy,” Tinubu said real Gross Domestic Product growth reached 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 said gross external reserves rose to $55.1 billion as of October 9, 2026, including about $46 billion in net reserves, while the tax-to-GDP ratio increased to 12.5 per cent from seven per cent.
Tinubu said real Gross Domestic Product growth reached 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.
The President attributed the improvements to measures including petrol subsidy removal, exchange rate unification, tax reforms and coordinated efforts to tackle inflation.
“The decisions taken since 2023 were difficult but necessary,” he said, referring to the reforms.
Tinubu said the gains have strengthened Nigeria’s ability to attract investment and finance projects that support long-term economic growth.
“Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased,” he said.
The President cited positive assessments by international credit rating agencies as evidence of improved confidence in the economy.
“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.
According to the President, the improved standing could help Nigeria attract more institutional investors, secure longer-term financing and reduce borrowing costs.
He said the administration was shifting public borrowing away from financing short-term fiscal pressures towards investments that would generate economic returns, create jobs and expand opportunities for future generations.
The President said the government was also pursuing longer-term financing arrangements to match the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding for productive investments.
President Tinubu said Nigeria must convert renewed international confidence into capital expenditure, completed infrastructure and lasting economic 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; and targeted household support alongside investment in human development.
The President stressed that the success of the current administration’s economic schemes would be measured by completed projects, increased investment, employment generation 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 the nation’s economic ambition must be supported by responsible borrowing and investments that create lasting opportunities for future generations.
Bayo Onanuga
Special Adviser to the President
(Information and Strategy)October 29, 2026
— Bayo Onanuga, OON, CON (@aonanuga1956) October 29, 2026
