Tinubu: What We Build Matters More Than How Much We Borrow

President Bola Tinubu has defended his administration’s borrowing plans, arguing that loans used to finance critical infrastructure will expand economic opportunities, create jobs and improve living standards for future generations.

The President said Nigeria’s borrowing strategy should be assessed by the economic value of the projects financed, rather than the amount borrowed, amid criticism from opposition leaders over loans secured from international institutions and banks.

Tinubu stated this in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” in which he outlined plans to transform Nigeria’s economy through sustained infrastructure development.

“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 President identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of major commercial ports in Lagos as key projects expected to strengthen the country’s productive capacity.

He said the projects, alongside investments in healthcare, education and vocational training, would connect economic regions, reduce transportation costs, unlock agricultural and industrial potential, and attract private investment.

According to Tinubu, the Lagos-Calabar Coastal Highway is 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 increased trade, tourism and industrial activities.

The project is also expected to generate about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs in logistics, building 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,” he said.

Tinubu maintained that achieving his administration’s ambition of building a $1 trillion economy by 2030 would require sustained investments in infrastructure to drive 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.

He attributed improvements in key economic indicators to reforms introduced since May 2023, including the removal of petrol subsidies, exchange rate unification, tax reforms and measures to contain inflation.

Tinubu said Nigeria’s real GDP grew by 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.

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

The President also disclosed 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,” he said, adding that the reforms had helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.

According to him, improved investor confidence has created opportunities for the country to attract long-term investments and secure financing for critical infrastructure at more competitive rates.

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

Tinubu cited positive assessments by international credit rating agencies as evidence of growing confidence in Nigeria’s economic management, noting that improved financial credibility could attract institutional investors and support longer-term financing arrangements.

He said his administration was shifting public borrowing away from meeting short-term fiscal pressures towards investments capable of generating economic returns, creating employment and expanding opportunities for future generations.

The President added that the government was pursuing longer-term financing arrangements that would match the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding.

He stressed that Nigeria must translate renewed international confidence into completed projects, increased capital investment and tangible benefits for citizens.

Tinubu also outlined 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; improved economic policy and regulatory efficiency; and targeted household support alongside investment in human development.

He said the success of the administration’s economic programmes would ultimately be measured by completed infrastructure, 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.

The President reiterated that Nigeria’s economic ambition must be supported by responsible borrowing and investments that deliver lasting benefits to citizens and future generations.

The statement was signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.