Tinubu explains new borrowing strategy, targets $1t economy by 2030
by Adenle Ahmed Abiola · The Eagle OnlinePresident Bola Tinubu says his administration is changing Nigeria’s borrowing strategy by directing new loans towards productive infrastructure investments rather than short-term fiscal pressures and consumption.
Tinubu said the approach was designed to ensure that public borrowing translated into measurable economic value through investments in roads, ports, railways, power and other critical infrastructure.
The President made the position known in an article titled: “From reforms to delivery: Our infrastructure investment and growth strategy,” in which he outlined the administration’s economic direction and its ambition to build a $1 trillion economy by 2030.
He said the country had moved from borrowing to bridge fiscal gaps to borrowing to build productive assets capable of generating growth, revenue and employment for generations.
Tinubu said the strategy was being pursued alongside fiscal discipline, reduced refinancing pressures and a commitment to ensuring that public debt delivered economic value.
He noted that Nigeria’s public debt stood at 35.75 per cent of Gross Domestic Product in the second quarter of 2026, while debt servicing accounted for about 65 per cent of revenue in the first half of the year.
According to him, the figures underscore the need to ensure that borrowing remains tied to productive investment.
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The President listed the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, power sector improvements and electricity grid upgrades among the major infrastructure projects being prioritised by the administration.
He also identified upgrades to major commercial ports, rehabilitation of key hospitals and investments in education and vocational training as part of the government’s development agenda.
Tinubu said the projects would connect economic regions, unlock agricultural and industrial potential, reduce logistics costs, attract private investment and create employment opportunities.
He maintained that infrastructure investment was essential to building an economy capable of sustaining long-term growth.
The President said Nigeria could not achieve a $1 trillion economy with infrastructure designed for an economy a fraction of that size.
He added that the administration was investing in infrastructure for the next 50 years, stressing that the financing strategy must reflect the long-term nature of the assets being developed.
Tinubu said the central consideration should not be how much the country borrows, but what it builds, the value created and the opportunities left for future generations.
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