President Bola Tinubu has defended his administration’s fresh borrowing plans amid criticism from opposition leaders over loans obtained from international financial institutions and banks, insisting that the funds would support infrastructure development, boost economic productivity and create opportunities for future generations.
Tinubu said that the central issue was not the volume of loans being obtained but whether the borrowed funds would be invested in projects capable of generating lasting economic value, creating jobs and improving the living conditions of Nigerians.
This is contained in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Thursday.
In a essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” scheduled for publication on Nigerian news platforms, the President said Nigeria needs sustained investment in critical infrastructure to achieve his administration’s ambition of building a $1 trillion economy by 2030.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” Tinubu said.
The President’s defence comes amid continuing public debate over government borrowing, the cost of living and the impact of economic reforms introduced since he assumed office in May 2023.
According to Tinubu, Nigeria cannot achieve the targeted economic expansion without major investments in roads, electricity, ports, healthcare, education and vocational training.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.
He identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos as major projects expected to strengthen the country’s productive capacity.
