Tinubu defends new loans, says funds will build future opportunities

President Bola Tinubu defended Nigeria's recent loans from international institutions, asserting that the funds will be invested in infrastructure to create opportunities for future generations. In a post on X, Tinubu's spokesman Bayo Onanuga argued against criticism from opposition leaders. Instead of focusing on the amount borrowed, he emphasized the value created through the projects and the future left behind.

Major projects include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades, and the modernization of key commercial ports in Lagos. These investments, alongside improvements in healthcare, education, and vocational training, aim to strengthen Nigeria's productive capacity, connect economic regions, reduce logistics costs, unlock agricultural and industrial potential, and attract private investment.

The Lagos-Calabar Coastal Highway, for instance, is expected to decrease logistics costs by 15 to 20 percent, potentially adding up to two percent to Nigeria's GDP through increased trade, tourism, and industrial activity. It is projected to generate about 100,000 direct jobs in construction and engineering, and over 150,000 indirect jobs in logistics and related services.

Tinubu linked these investments to the administration's goal of achieving a $1 trillion economy by 2030, stating that existing infrastructure was inadequate for such an ambitious target. The President highlighted recent economic reforms, which restored macroeconomic stability, bolstered public finances, and improved Nigeria's standing in international financial markets.

Key indicators such as real GDP growth (4.43 percent in Q2 2026), falling headline inflation (14.63 percent in September 2026), and increased gross external reserves ($55.1 billion as of October 9, 2026) demonstrate positive economic trends. Tinubu emphasized that the difficult but necessary economic reforms since 2023, including ending petrol subsidies, unifying exchange rates, implementing tax reforms, and tackling inflation, have created opportunities for attracting long-term investments.

Confidence in Nigeria has improved, reflected in decreased borrowing costs and lowered country risk premiums, as acknowledged by international credit rating agencies. The administration is reallocating public borrowing from short-term fiscal pressures to investments that generate economic returns, create jobs, and expand opportunities for future generations.

The next phase of the Federal Executive Council's economic strategy focuses on five priorities: food affordability and energy price stability, budget harmonisation and fiscal discipline, completing high-impact projects and infrastructure, improving economic policy frameworks, and targeted household support alongside human development investments.

Tinubu stressed that securing financing is not the achievement; completing projects, delivering value, and improving Nigerians' lives is the true success. He concluded by emphasizing responsible borrowing and investments that create lasting opportunities for future generations.