President Bola Tinubu has defended his administration’s continued borrowing from international institutions and banks, insisting that the real measure of debt is not how much the country borrows but the value such loans create for Nigerians.

The President said the success of the government’s borrowing and economic reforms should be assessed through completed infrastructure projects, increased investment, job creation and improved living standards.

Tinubu stated this in an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” in which he outlined the administration’s plans to use infrastructure development to drive economic growth and achieve its 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,” the President said.

He identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos as critical projects expected to strengthen Nigeria’s productive capacity.

According to him, the projects, alongside investments in healthcare, education and vocational training, would connect economic regions, reduce logistics costs, unlock agricultural and industrial opportunities and attract private investment.

Tinubu said the Lagos-Calabar Coastal Highway was expected to reduce logistics costs along its corridor by 15 to 20 per cent and potentially contribute up to two per cent to Nigeria’s gross domestic product through increased trade, tourism and industrial activities.

He added that the project was projected to create about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs in logistics, materials supply and related services.

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

The President argued that achieving a $1 trillion economy by 2030 would require sustained infrastructure investment to support productivity, industrialisation and trade.

“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said.

Tinubu maintained that the economic reforms introduced by his administration in May 2023 had helped restore macroeconomic stability, strengthen public finances and improve Nigeria’s standing in international financial markets.

In the article, he cited real GDP growth of 4.43 per cent in the second quarter of 2026 and a decline in headline inflation to 14.63 per cent in September, from 20.98 per cent recorded a year earlier.

He also disclosed that Nigeria’s gross external reserves had risen to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves, while the country’s tax-to-GDP ratio increased to 12.5 per cent from seven per cent.

The President attributed the reported improvements to policies including the removal of petrol subsidies, unification of the foreign exchange market, tax reforms and coordinated efforts to curb inflation.

“The decisions taken since 2023 were difficult but necessary,” he said.

Tinubu added that the gains were helping Nigeria attract investment and finance projects capable of supporting long-term economic growth.

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

He cited positive assessments by international credit rating agencies as evidence of growing confidence in the economy, arguing that stronger external reserves and improved macroeconomic management had enhanced the country’s financial credibility.

“These are not political endorsements; they are independent assessments by global rating agencies, index providers, regulators and investors, recognising stronger external reserves, improved macroeconomic management and greater financial credibility,” the President said.

According to him, the improved economic standing could enable Nigeria to attract more institutional investors, secure longer-term financing and reduce borrowing costs.

The President said his administration was shifting public borrowing away from meeting short-term fiscal pressures towards investments expected to generate economic returns, create employment and expand opportunities for future generations.

He also stressed the need for longer-term financing arrangements that align with the lifespan of infrastructure assets, reduce refinancing pressures and provide more competitive funding for productive investments.

Tinubu said Nigeria must translate renewed international confidence into capital expenditure, completed infrastructure and tangible economic benefits for citizens.

He outlined five priorities for the next phase of the Federal Executive Council’s economic strategy: ensuring food affordability and energy price stability; promoting budget harmonisation and fiscal discipline; completing high-impact projects and investing in critical infrastructure; improving the economic policy framework and regulatory efficiency; and providing targeted household support while investing in human development.

The President emphasised that the effectiveness of the administration’s economic policies would ultimately depend on their impact on ordinary Nigerians rather than the amount of financing secured.

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

He added that Nigeria’s economic ambitions must be backed by responsible borrowing, effective project delivery and investments that create sustainable opportunities for future generations.