President Bola Ahmed Tinubu has defended his administration’s borrowing plans amid growing criticism from opposition leaders over Nigeria’s external debt obligations, arguing that the justification for borrowing should be measured by the economic value generated from the projects financed.
The President maintained that loans secured from international financial institutions and banks should be assessed based on their contribution to infrastructure development, employment generation, economic productivity and opportunities for future generations.
Tinubu stated this in an essay titled From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy, in which he outlined his administration’s infrastructure agenda and defended the need for sustained investment in critical economic sectors.
According to a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President identified major infrastructure projects expected to strengthen Nigeria’s productive capacity and improve connectivity across the country.
“The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,” Tinubu wrote.
Among the projects highlighted by the President are the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos.
He argued that investments in these projects would help connect economic regions, improve the movement of goods and people, reduce logistics costs and create opportunities for businesses to expand.
The President also identified investments in healthcare, education and vocational training as important components of the government’s broader development strategy.
According to him, improving infrastructure alongside human capital development would help unlock Nigeria’s agricultural and industrial potential, attract private investment and support long-term economic growth.
Tinubu’s defence comes amid controversy over the Federal Government’s proposed external borrowing plan of $20.52 billion and €1.045 billion for 2026 and 2027.
The proposed borrowing is intended to support projects and programmes across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and public financial management.
The request has drawn criticism from opposition figures who have questioned the scale of the proposed loans and demanded greater transparency regarding the projects to be financed.
Critics have also raised concerns about Nigeria’s existing debt obligations and the potential consequences of additional borrowing for public finances and future generations.
Tinubu, however, argued that the country requires sustained infrastructure investment to achieve its ambition of building a $1 trillion economy by 2030.
He maintained that borrowing should be directed towards productive investments capable of generating lasting economic returns rather than merely meeting immediate fiscal needs.
The President also said the government was pursuing longer-term financing arrangements designed to align repayment periods with the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding.
He stressed that the ultimate measure of success would be the completion of projects, the creation of jobs, increased investment and improvements in Nigerians’ living standards.
The proposed external borrowing plan requires legislative approval before the government can proceed with the financing arrangements.
As debate over the loans continues, the administration faces the challenge of demonstrating that the proposed investments will deliver measurable benefits while ensuring that additional debt remains manageable.