President Bola Tinubu has defended the borrowing plans of the administration, explaining that large investments in infrastructure are necessary for the realisation of the nation’s vision of a $1 trillion economy by 2030.
“In terms of borrowing and investments, the question is not how much we borrow but what value we create,” Tinubu said in his essay titled From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy on October 29, 2026.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” the President said.
The News Chronicle reports that Tinubu identified the Lagos Calabar Coastal Highway, Sokoto Badagry Superhighway, Trans Sahara Superhighway, electricity grid upgrades and modernisation of major Lagos ports as key projects expected to boost productivity, trade and industrial growth.
The Lagos Calabar Coastal Highway will cut logistics costs by 15-20% and create about 100,000 jobs.
Tinubu added that with the Q2 2026 GDP growth rate of 4.43% and an inflation rate of 14.63% in September, the economy has become more stable since the implementation of reforms in 2023.
However, the president is defending the borrowing plans after a $20.52 billion borrowing plan for 2026 and 2027 was reported to have been borrowed externally. Former Vice President Atiku Abubakar has called for transparency on how the money is being spent.
Nigeria’s public debt rose to N166.79 trillion at the end of June 2026, from N159.35 trillion in March, according to the Debt Management Office.
Long term borrowing should be used to create infrastructure that will generate jobs, investment and improve economic growth, Tinubu said.
