President Bola Tinubu has robustly defended his administration’s reliance on foreign loans, insisting that strategic infrastructure borrowing is essential to unlocking Nigeria’s economic potential and building a $1 trillion economy by 2030.
In an official essay titled “From reforms to delivery: Our infrastructure investment and growth strategy,” published across domestic news platforms, the President directly addressed critics—particularly opposition figures—questioning the country’s growing external debt profile.
“The real question is not how much we borrow, but what we build, what value we create, and what future we leave behind,” President Tinubu stated.
High-Impact Projects Driving Strategic Growth
Tinubu emphasized that public borrowing has shifted away from short-term fiscal relief toward self-sustaining, revenue-generating capital investments. Key ongoing projects include:
Lagos-Calabar Coastal Highway: Expected to cut regional logistics costs by 15% to 20%, boost national GDP by up to 2%, and create 100,000 direct and 150,000 indirect jobs.
Sokoto-Badagry & Trans-Sahara Superhighways: Designed to expand agricultural trade corridors and integrate domestic supply chains.
National Power & Port Infrastructure: Modernizing grid reliability and upgrading critical commercial ports in Lagos to streamline maritime trade.
“We are not simply building highways,” Tinubu remarked. “We are opening economic corridors, connecting markets, unlocking industries, and reshaping Nigeria’s economic geography.”
Macroeconomic Turnaround & Investor Confidence
Highlighting key performance metrics, President Tinubu pointed to recent economic milestones as proof that difficult structural reforms—including petrol subsidy removal and exchange rate unification—are yielding results:
GDP Growth: Real Gross Domestic Product grew by 4.43% in Q2 2026.
Inflation: Headline inflation dropped significantly to 14.63% in September, down from 20.98% a year prior.
Foreign Reserves: Gross external reserves rose to $55.1 billion ($46 billion net) as of October 2026.
Tax Efficiency: The tax-to-GDP ratio expanded from 7% to 12.5%.
Tinubu noted that positive evaluations by international credit rating agencies have lowered borrowing costs and significantly reduced Nigeria’s country risk premium.
The Next Phase: Delivering Concrete Results
To transition from economic stabilization to long-term delivery, the Federal Executive Council has prioritized five core focus areas:
Food Affordability & Energy Price Stability
Budget Harmonization & Fiscal Discipline
Completion of High-Impact Infrastructure Projects
Regulatory Efficiency & Economic Policy Frameworks
Targeted Household Support & Human Development Investments
Concluding his address, President Tinubu reiterated that financial approvals are merely a means to an end.
“Securing financing is not the achievement,” the President wrote. “Completing the project, delivering value, and improving the lives of Nigerians is the achievement.”
