Tinubu Defends Fresh Loans, Says Nigeria Must Borrow To Build $1tn Economy
Tinubu said the loans would fund roads, power and ports, with projects expected to create 100,000 direct jobs and lower transport costs.
- President Bola Tinubu defended his administration's plan to secure new foreign loans, arguing that Nigeria requires long-term infrastructure investment to achieve its $1 trillion economy ambition by 2030.
- Tinubu identified the Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway as major projects designed to connect economic regions, reduce logistics costs by 15 to 20 per cent, and attract private investment.
- Gross external reserves reached $55.1 billion as of October 9, 2026, an 18-year high, while the economy grew by 4.43 per cent in the second quarter and headline inflation fell to 14.63 per cent in September.
- NLC President Joe Ajaero challenged the borrowing request, questioning why loans are necessary when crude oil prices have risen above $100 per barrel due to US-Iran tensions, boosting national revenue.
- Tinubu emphasized that securing financing is merely the beginning, asserting success will be measured by completed projects, delivered value, and improved living standards for Nigerians rather than borrowing alone.
15 Articles
15 Articles
Nigeria: Tinubu Knocks Opponents Over Borrowing, Says Investments Will Expand Opportunities
President Bola Tinubu has issued an official response to critics, especially opposition leaders, of his government's new loans from international institutions and banks.
Vanguard News
From reforms to delivery: Our infrastructure investment and growth strategy
By Bola Tinubu Since 2023, we have made difficult but necessary decisions: removing the petrol subsidy, unifying the exchange rate, modernising the tax framework, and coordinating action on inflation. These reforms have restored macro balance, quadrupled federation revenue since 2021 and rebuilt the credibility of the State’s balance sheet. The results are now visible: real […]
Nigeria Borrowing to Fund Infrastructure, Not Consumption - President Tinubu
President Bola Ahmed Tinubu says his administration is redirecting Nigeria’s public borrowing from financing short-term fiscal obligations and consumption towards productive infrastructure investments. This initiative he said forms part of efforts to strengthen the country’s economic capacity and achieve a US$1 trillion economy by 2030. The President said “the borrowing strategy prioritises critical infrastructure, including […]
Nigeria From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy
By Bola Ahmed Tinubu Since 2023, we have made difficult but necessary decisions: removing the petrol subsidy, unifying the exchange rate, modernising the tax framework, and coordinating action on inflation. These reforms have restored macro balance, quadrupled federation revenue since 2021 and rebuilt the credibility of the State’s balance sheet. The results are now visible: real […]
Tinubu: Every Borrowed Naira Must Deliver Infrastructure, Jobs As Nigeria Targets $1trn Economy
President Bola Tinubu says his administration will prioritise borrowing for infrastructure projects capable of creating jobs, boosting productivity and supporting Nigeria's ambition of becoming a $1 trillion economy by 2030.
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