President Bola Tinubu has defended his administration’s borrowing plans amid criticism from opposition leaders, arguing that loans should be assessed based on the economic value they generate and the opportunities they create for future generations.

In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” released on Thursday, October 29, 2026, the President said Nigeria must focus on how borrowed funds are deployed to expand economic productivity and improve citizens’ living standards.

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

He 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 the country’s productive capacity.

According to him, 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-sector investment.

The President said the Lagos-Calabar Coastal Highway was projected to reduce logistics costs along its corridor by 15 to 20 per cent and potentially contribute up to two per cent to Nigeria’s gross domestic product through expanded trade, tourism and industrial activities.

He added that the project was expected to generate about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs in logistics, materials supply 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.

Tinubu maintained that 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 cites economic indicators to defend reforms

The President attributed improvements in key economic indicators to reforms introduced by his administration since May 2023, including the removal of petrol subsidies, exchange-rate unification, tax reforms and measures to tackle inflation.

He said Nigeria’s real GDP growth reached 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 a year earlier.

Tinubu also said the country’s gross external reserves rose to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves.

He added that Nigeria’s tax-to-GDP ratio increased to 12.5 per cent from seven per cent.

“The decisions taken since 2023 were difficult but necessary,” the President said, adding that the reforms had helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s position in international financial markets.

According to him, the improvements have created opportunities for the country to attract long-term investments and finance critical infrastructure.

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

Tinubu cited assessments by international credit rating agencies and other financial institutions as evidence of growing confidence in Nigeria’s economic management.

“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 argued that improved investor confidence could help Nigeria attract more institutional investors, secure longer-term financing and reduce borrowing costs.

Government shifts borrowing towards productive investments

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

He added that the government was pursuing longer-term financing arrangements that would align repayment structures with the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding for productive investments.

Tinubu stressed that Nigeria must translate renewed international confidence into capital expenditure, completed projects and lasting economic benefits for citizens.

He identified five priorities for the next phase of the Federal Executive Council’s economic strategy: ensuring food affordability and energy price stability; promoting budget harmonisation and 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 investment in human development.

The President said the success of the administration’s economic programmes would ultimately be measured by completed projects, increased investment, employment generation and improvements in living standards.

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

Tinubu maintained that responsible borrowing, supported by productive investments and effective project delivery, would be essential to achieving Nigeria’s long-term economic ambitions and creating lasting opportunities for future generations.

The essay was signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, and dated October 29, 2026.