Borrowing should ship jobs, infrastructure, $1trn economic system – Tinubu

…Says no deficit monetisation, unfunded commitments forward polls

‘…Coastal highway can create 250,000 jobs, cut logistics costs by 15–20%’

President Bola Ahmed Tinubu has defended his administration’s borrowing programme, saying new loans should more and more finance infrastructure that generates jobs, raises productiveness and helps Nigeria’s ambition of changing into a $1 trillion economic system by 2030.

He additionally stated the Federal Executive Council’s financial method dominated out deficit monetisation and unfunded commitments in the course of the pre-election interval, stressing that funding should proceed alongside fiscal self-discipline.

In an article titled “From reforms to delivery: Our infrastructure investment and growth strategy,” the President stated the following part of his administration’s financial programme can be measured by accomplished initiatives and enhancements in Nigerians’ lives.

“The key question is not how much we borrow, but what we build, the value we create and the future we leave behind. Although loans must be repaid, the roads, ports, railways and economic opportunities they finance can serve generations,” he stated.

Short-term fiscal pressures

The president stated the federal government was shifting from borrowing to fulfill short-term fiscal pressures to financing belongings that develop the nation’s productive capability.

He recognized precedence investments because the Lagos–Calabar Coastal Highway, Sokoto–Badagry Superhighway, Trans-Sahara Superhighway, electrical energy grid enhancements and upgrades to main industrial ports in Lagos.

He stated these, alongside rail infrastructure, hospital rehabilitation, schooling, and vocational coaching, would join financial areas, cut back enterprise prices and entice personal funding.

“We cannot build a $1 trillion economy with infrastructure designed for an economy a fraction of that size. We are investing in infrastructure for the next 50 years, and our financing strategy must reflect that ambition,” he stated.

He acknowledged the necessity for restraint, placing public debt at 35.75 per cent of gross home product within the second quarter of 2026 and debt service at about 65 per cent of income within the first half of the 12 months.

According to him, these figures bolstered the significance of guaranteeing that borrowing produced measurable financial returns whereas lowering refinancing pressures.

He stated the federal government was searching for longer reimbursement intervals and decrease financing prices to align infrastructure loans with the helpful lives of the belongings they fund.

“Infrastructure built to last forty years should be financed over a horizon consistent with its life.”

He stated the financial value of delayed funding should even be thought-about, saying stalled infrastructure meant misplaced employment, greater logistics bills and missed enterprise alternatives.

Lagos-Calabar Coastal Highway

On the anticipated advantages of the Lagos–Calabar Coastal Highway, the president stated the challenge may cut back logistics prices alongside the hall by 15 to twenty per cent and add as much as two per cent to Nigeria’s GDP via industrial growth, commerce and tourism.

He projected about 100,000 direct building and engineering jobs, alongside greater than 150,000 oblique jobs in logistics, supplies provide and providers.

President Tinubu stated comparable advantages had been anticipated from the Sokoto–Badagry and Trans-Sahara corridors, with building employment adopted by longer-term alternatives in companies, farms and industries alongside the routes.

He stated as of August 2026, Lot 2 of the coastal freeway was greater than 80 per cent full, whereas works on the Calabar–Akwa Ibom part had exceeded 30 per cent.

“We are building more than highways. We are opening economic corridors, connecting markets, supporting industries and reshaping Nigeria’s economic geography. The value of a road extends beyond the completed construction to the farms, factories, businesses and communities it connects,” he stated.

Gains of reforms

The president stated the infrastructure programme rested on beneficial properties from the petrol subsidy removing, exchange-rate unification, tax reforms and measures to curb inflation.

According to him, actual GDP grew by 4.43 per cent within the second quarter of 2026 and 4.2 per cent within the first half, whereas headline inflation declined to 14.63 per cent in September from 20.98 per cent a 12 months earlier.

He, nonetheless, stated meals inflation remained elevated at 19.59 per cent, placing gross exterior reserves at $55.1 billion as of October 9, together with about $46 billion in internet reserves, which he described as an 18-year excessive.

He disclosed that the tax-to-GDP ratio had elevated from seven per cent to 12.5 per cent. In comparability, internet Federation Account Allocation Committee distributions rose by 44 per cent, from N15.2 trillion in 2024 to N21.9 trillion in 2025.

He stated stronger fiscal circumstances had been supporting elevated funding throughout tiers of presidency, with capital expenditures’ share of state spending rising from 46 per cent in 2023 to 61 per cent in 2025.

He cited beneficial actions by worldwide credit standing businesses, Nigeria’s restoration to FTSE Russell’s Frontier Market class and its removing from the Financial Action Task Force gray listing as indicators of bettering monetary credibility.

The president additionally pointed to robust worldwide demand for Nigerian Eurobonds, saying renewed investor confidence supplied alternatives for longer-term financing at extra aggressive charges.

He stated the Monetary Policy Rate had fallen from 26.5 per cent to 23 per cent in September. However, lending charges above 30 per cent continued to underline the necessity for cheaper financing for productive funding.

He outlined 5 priorities for the following part: meals affordability and vitality value stability; finances harmonisation and monetary self-discipline; completion of high-impact initiatives and important infrastructure; improved financial coverage and regulatory effectivity; and focused family help and human growth.

The president stated that entry to financing alone wouldn’t represent success.

“Securing financing is only the beginning. The real achievement lies in completing projects, delivering value for money, and improving Nigerians’ lives. Every Naira borrowed must be justified by the economic value it creates, and we must measure every project by its results,” he stated.