President Bola Tinubu has defended his administration’s external borrowing programme against criticism, particularly from opposition figures.
He maintains that loans secured from international financial institutions and banks are intended to finance productive investments, stimulate economic growth and create lasting opportunities for future generations.
President Tinubu asserted in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” scheduled for publication on Nigerian news platforms, where he emphasised that the justification for government borrowing should be determined by its developmental outcomes.
“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.
The Nigerian leader 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.
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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.
“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,” the President said.
The Nigerian leader stated that 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 noted that 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 explained that 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.
The President emphasised 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.
