Tinubu defends recent borrowing, says loans will fund infrastructure, create jobs

President Bola Tinubu has defended Nigeria’s recent borrowing from worldwide monetary establishments and banks, insisting that the loans will finance vital infrastructure, stimulate financial progress, create jobs and increase alternatives for future generations.

The President argued that the justification for borrowing shouldn’t be decided solely by the amount of cash obtained however by the worth of the tasks financed, their financial returns and their long-term impression on the nation.

Tinubu said this in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy”, printed by his spokesman, Bayo Onanuga, on X on Thursday.

The President’s defence comes amid criticism of the Federal Government’s borrowing plans, notably from opposition figures who’ve raised issues about Nigeria’s rising debt obligations and the implications for public funds.

Responding to the criticism, Tinubu maintained that borrowing may help financial improvement when directed in the direction of productive investments able to producing income, bettering infrastructure and strengthening the nation’s financial competitiveness.

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

Infrastructure investments to drive progress

Tinubu recognized the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electrical energy grid upgrades and the modernisation of main industrial ports in Lagos as key infrastructure tasks anticipated to strengthen Nigeria’s productive capability.

He mentioned the tasks have been designed to enhance transportation networks, join main financial centres, facilitate the motion of products and companies, and cut back the price of doing enterprise throughout the nation.

According to him, investments in healthcare, schooling and vocational coaching would complement the infrastructure programme by creating human capital and bettering the capability of Nigerians to take part in financial actions.

The President defined that improved connectivity between agricultural manufacturing centres, industrial hubs and industrial markets would assist unlock the nation’s financial potential, encourage private-sector funding and help the growth of companies.

He mentioned the federal government’s technique was to make sure that infrastructure spending translated into elevated productiveness slightly than remaining a group of building tasks.

“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” Tinubu mentioned.

Coastal freeway projected to create jobs

The President highlighted the financial potential of the Lagos-Calabar Coastal Highway, saying the venture was anticipated to cut back logistics prices alongside its hall by between 15 and 20 per cent.

He added that the freeway may contribute as much as two per cent to Nigeria’s gross home product by way of expanded commerce, tourism and industrial actions.

According to Tinubu, the venture can be projected to generate about 100,000 direct jobs in building and engineering, alongside greater than 150,000 oblique jobs in logistics, constructing supplies and associated companies.

The anticipated employment alternatives, he mentioned, would prolong past building staff to companies concerned in supplying supplies, transporting items and offering companies to the venture.

Tinubu maintained that main infrastructure investments may create financial corridors that encourage new industrial actions, enhance entry to markets and stimulate improvement in communities alongside their routes.

He argued that Nigeria would require trendy infrastructure able to supporting a considerably bigger economic system if the nation was to realize its ambition of changing into a $1tn economic system by 2030.

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

Tinubu defends financial reforms

The President additionally defended the financial reforms launched by his administration since May 2023, describing them as obligatory measures to revive macroeconomic stability, strengthen public funds and enhance Nigeria’s place in worldwide monetary markets.

The reforms embrace the removing of the petrol subsidy, unification of the overseas alternate market and tax adjustments meant to enhance authorities income and the administration of public funds.

Tinubu acknowledged that the choices had been troublesome however insisted that they have been obligatory to handle longstanding financial challenges and create a stronger basis for sustainable progress.

He mentioned the administration was now specializing in translating the features it attributed to the reforms into accomplished infrastructure tasks, elevated funding and improved dwelling requirements.

“The decisions taken since 2023 were difficult but necessary,” the President mentioned.

Citing financial indicators, Tinubu disclosed that Nigeria’s actual gross home product grew by 4.43 per cent within the second quarter of 2026.

He additionally mentioned headline inflation declined to 14.63 per cent in September 2026, in contrast with 20.98 per cent recorded in September 2025.

The President additional disclosed that the nation’s gross exterior reserves stood at $55.1bn as of October 9, 2026, together with roughly $46bn in internet reserves.

He added that Nigeria’s tax-to-GDP ratio had elevated to 12.5 per cent from seven per cent, which he offered as proof of enhancements in income mobilisation.

According to him, the figures point out that the nation is making progress in the direction of strengthening its financial fundamentals, though the federal government should make sure that the enhancements translate into tangible advantages for residents.

Investor confidence and borrowing prices

Tinubu mentioned bettering financial indicators and elevated confidence amongst worldwide buyers have been creating alternatives for Nigeria to draw long-term investments.

He argued that stronger exterior reserves, improved macroeconomic administration and higher monetary credibility may assist cut back the price of borrowing and enhance the phrases on which the nation accesses worldwide capital markets.

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

The President cited assessments by worldwide credit standing companies, index suppliers, regulators and buyers as proof of what he described as rising confidence in Nigeria’s financial administration.

“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 mentioned.

He maintained that the federal government was working to make sure that entry to worldwide financing resulted in productive investments slightly than getting used primarily to fulfill quick fiscal obligations.

The administration, he added, was pursuing longer-term financing preparations that will align reimbursement intervals with the lifespan of infrastructure tasks.

According to Tinubu, such preparations may cut back refinancing pressures and assist the nation safe extra aggressive funding for tasks anticipated to ship financial advantages over a number of years.

Five priorities for the following section

The President outlined 5 priorities for the following section of the Federal Executive Council’s financial technique, stressing that the federal government should give attention to implementation and measurable outcomes.

The priorities embrace making certain meals affordability and vitality value stability, harmonising budgets and sustaining fiscal self-discipline, finishing high-impact tasks and investing in vital infrastructure, bettering the financial coverage framework and regulatory effectivity, and offering focused family help alongside investments in human improvement.

On meals affordability and vitality costs, Tinubu indicated that financial administration should tackle pressures affecting households and companies whereas supporting a extra secure surroundings for manufacturing and funding.

He additionally emphasised the necessity for price range harmonisation and financial self-discipline, suggesting that public assets have to be managed effectively and aligned with the federal government’s improvement priorities.

The completion of main infrastructure tasks stays one other central precedence, with the President insisting that financing preparations have to be matched by efficient venture execution.

He additional recognized regulatory effectivity and enhancements to the financial coverage framework as obligatory measures to encourage funding, whereas focused help and human improvement initiatives would assist make sure that financial progress advantages Nigerians.

Tinubu mentioned the federal government’s efficiency must be assessed by way of concrete outcomes, together with accomplished tasks, larger funding ranges, employment technology and enhancements within the high quality of life.

Focus shifts from borrowing to supply

The President maintained that Nigeria’s financial ambitions would rely upon the federal government’s capacity to transform financing into infrastructure and different investments able to supporting long-term progress.

He argued that borrowing must be evaluated inside the context of the property created, the financial alternatives generated and the advantages handed on to future generations.

Tinubu mentioned the administration meant to make sure that public debt supported investments that will increase productive capability, enhance connectivity and strengthen the nation’s financial foundations.

He nonetheless acknowledged, by way of his emphasis on venture supply and accountable borrowing, that getting financing alone wouldn’t represent success.

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

The President added that Nigeria’s ambition to construct a bigger and extra aggressive economic system have to be supported by accountable borrowing, efficient venture implementation and investments able to delivering lasting financial advantages.