Tinubu Defends New Loans, Outlines Infrastructure Plan for $1 Trillion Economy

• President Tinubu published an essay defending his administration's borrowing decisions and linking new loans to major infrastructure projects across Nigeria
• Tinubu cited a drop in headline inflation, rising external reserves, and GDP growth as evidence that his 2023 economic reforms are bearing fruit
• The President listed five priorities for the next phase of his administration's economic strategy, covering food prices, fiscal discipline, and human development

Legit.ng journalist Adekunle Dada has over eight years of experience covering metro, government policy, and international issues

FCT, Abuja - President Bola Ahmed Tinubu has pushed back against critics of his government's borrowing programme

Tinubu argued that the measure of responsible debt is not its size but what it produces.

Legit.ng reports that Atiku Abubakar said President Tinubu's request to borrow $20.52bn and €1.045bn vindicates a warning he issued on October 12, 2026.

In an essay titled "From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy," published on October 29, 2026, Tinubu wrote:

"The real question is not how much we borrow, but what we build, what value we create and what future we leave behind."

The Special Adviser on Information and Strategy, Bayo Onanuga, made this known in a statement issued via his X handle @aonanuga1956 on Thursday, October 29, 2026.

Key projects Tinubu says will drive growth

The President pointed to several large-scale projects his administration is pursuing, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Sahara Superhighway, electricity grid upgrades, and modernisation of major commercial ports in Lagos.

He said these, together with investments in healthcare, education, and vocational training, would connect economic regions, cut logistics costs, and attract private capital.

On the Lagos-Calabar Coastal Highway alone, Tinubu said the project could reduce logistics costs along its corridor by 15 to 20 per cent and add up to two per cent to Nigeria's GDP through trade, tourism, and industrial activity.

He projected around 100,000 direct construction jobs and more than 150,000 indirect roles in logistics and related sectors.

"We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria's economic geography," he said.

Tinubu cites economic indicators as proof of progress

The President reported that real GDP growth reached 4.43 per cent in the second quarter of 2026, while headline inflation dropped to 14.63 per cent in September from 20.98 per cent a year earlier.

Gross external reserves stood at $55.1 billion as of October 9, 2026, including about $46 billion in net reserves, and the tax-to-GDP ratio climbed to 12.5 per cent from seven per cent.

Tinubu credited these gains to petrol subsidy removal, exchange rate unification, tax reforms, and coordinated efforts to bring down inflation, saying the reforms introduced from May 2023 restored macroeconomic stability.

He also pointed to positive assessments from international credit rating agencies as independent validation of the progress.

"Confidence has a price; our cost of borrowing is going down, and the country risk premium has drastically decreased," he wrote.

The President stressed that his administration's goal of building a $1 trillion economy by 2030 cannot be achieved on outdated infrastructure, saying:

"We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size."

He outlined five priorities for the next phase of the Federal Executive Council's economic agenda: food affordability and energy price stability; budget harmonisation and fiscal discipline; completion of high-impact projects; an improved policy and regulatory framework; and targeted household support alongside investment in human development.

Tinubu closed with a warning against confusing access to financing with actual delivery:

"Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement."

Atiku challenges Tinubu over new $1.5B loan

Meanwhile, Legit.ng also reported that Atiku accused Tinubu of seeking a fresh $1.5bn World Bank loan while Nigeria's public debt already stands at ₦166.79 trillion.

The former vice president said each Nigerian now carries a debt share of ₦716,822, up 87% from ₦383,442 just three years ago.

Atiku called on the Tinubu administration to publish details of how previous loans were spent before any new borrowing is concluded.