Nigeria: Tinubu Knocks Opponents Over Borrowing, Says Investments Will Expand Opportunities

What the report says

President Bola Tinubu used a forthcoming essay to defend his administration’s use of borrowing from international institutions and banks, responding to criticism from opposition figures, according to This Day via AllAfrica. The article says he argued that the key issue is not the size of the debt, but whether the funds are directed toward projects that expand the economy and improve public services.

Tinubu highlighted major infrastructure plans, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Sahara Superhighway, power-grid upgrades and the modernization of ports in Lagos. He said these projects, along with spending on health, education and vocational training, are meant to connect economic regions, lower transport costs, encourage private investment and create jobs. The report says he linked the coastal highway alone to lower logistics costs, higher GDP and large numbers of direct and indirect jobs.

The president also tied the borrowing strategy to his broader goal of building a $1 trillion economy by 2030. He said recent economic reforms since May 2023 had helped stabilize public finances, improve investor confidence and strengthen Nigeria’s position in global financial markets. Among the indicators he cited were stronger reserves, lower inflation and higher GDP growth.

The piece presents Tinubu’s position as part of a wider effort to justify debt-funded infrastructure as a long-term growth strategy. It also notes that he wants future borrowing to be matched to the lifespan of assets and aimed at projects that produce measurable economic returns and better living standards.