Tinubu Defends Fresh Loans, Hits Back at Critics

According to a report by Vanguard on Friday 30 October 2026; President Bola Tinubu has defended his administration’s continued borrowing from international financial institutions and banks, insisting that the loans will finance critical infrastructure projects and create long-term economic opportunities for Nigerians.

In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” Tinubu argued that the focus should be on what borrowed funds are used to achieve rather than the amount borrowed.

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

The President identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of commercial ports as major projects expected to boost economic activities.

He said the Lagos-Calabar Coastal Highway could reduce logistics costs along its corridor by 15 to 20 per cent, contribute up to two per cent to GDP and generate about 250,000 direct and indirect jobs.

Tinubu maintained that achieving his administration’s $1 trillion economy target by 2030 would require massive infrastructure investment, improved productivity, industrialisation and trade.

Defending his economic reforms, the President said GDP growth reached 4.43 per cent in the second quarter of 2026, while inflation dropped to 14.63 per cent in September from 20.98 per cent a year earlier.

He also disclosed that external reserves stood at $55.1 billion as of October 9, while the tax-to-GDP ratio increased from seven to 12.5 per cent.

Tinubu attributed the reported improvements to reforms introduced since May 2023, including petrol subsidy removal, exchange rate unification and tax reforms.

He further claimed that improved international confidence had reduced Nigeria’s borrowing costs and strengthened its ability to attract long-term investments.

The President said his administration was shifting borrowing towards productive investments capable of generating economic returns, creating jobs and improving living standards.

He identified five priorities for the next phase of his economic agenda, including food affordability, energy price stability, fiscal discipline, infrastructure development, regulatory efficiency and investment in human development.

Tinubu stressed that the success of the government’s borrowing strategy would ultimately depend on completed projects and tangible benefits to Nigerians.

“Securing financing is not the achievement. Completing the project, delivering value and improving the lives of Nigerians is the achievement,” he stated.