It’s not how much we borrow, but what we build — Tinubu

*Adds Lagos-Calabar, Sokoto-Badagry highways, power, ports’re drivers of $1trn economy *NLC demands justification for $20.5bn, €1.45bn loans By Johnbosco Agbakwuru and Olayinka Ajayi ABUJA — President Bola Tinubu has defended his administration’s external borrowing plans, saying Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of key commercial ports in Lagos among others would strengthen Nigeria’s productive capacity.

Read Also: Tinubu lands in Saudi Arabia for Umrah According to him, the loans will finance critical infrastructure and investments capable of expanding economic opportunities for future generations. The President’s position came as the Nigeria Labour Congress, NLC, faulted his request to the National Assembly for approval to obtain fresh external loans of $20.5 billion and €1.45 billion, questioning the justification for continued borrowing despite claims of increased government revenue.

In a statement titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” Tinubu said the focus should be on the economic value generated by borrowed funds 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 key commercial ports in Lagos as major projects expected to strengthen Nigeria’s productive capacity.

He said investments in healthcare, education and vocational training will complement the infrastructure projects by connecting economic regions, reducing logistics costs, unlocking agricultural and industrial potential and attracting private investment. According to him, the Lagos-Calabar Coastal Highway is expected to reduce logistics costs along its corridor by 15 to 20 per cent and potentially add up to two per cent to Nigeria’s Gross Domestic Product, GDP, through increased trade, tourism and industrial activity.

The project is also projected to generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, materials and related services. Tinubu said: “We are not simply building highways, we are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography.” He argued that achieving his administration’s ambition of building a $1 trillion economy by 2030 will require sustained investment in infrastructure to support productivity, industrialisation and trade.

“We cannot build a $1 trillion economy with infrastructure designed for an economy a fraction of that size,” he said. Cites economic indicators The President said reforms introduced since May 2023 had helped restore macro-economic stability, strengthen public finances and improve Nigeria’s standing in international financial markets. 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 a year earlier.

He added that gross external reserves rose to $55.1 billion as of October 9, 2026, including about $46 billion in net reserves, while the tax-to-GDP ratio increased to 12.5 per cent from seven per cent. Tinubu attributed the reported improvements to measures including petrol subsidy removal, exchange rate unification, tax reforms and coordinated efforts to tackle inflation.

“The decisions taken since 2023 were difficult but necessary,” he said. According to him, the reforms had strengthened Nigeria’s capacity to attract investment and finance projects that support 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. The President cited positive assessments by international credit rating agencies as evidence of improving investor confidence.

“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,” he said. He argued that the improved standing could help Nigeria attract institutional investors, secure longer-term financing and reduce borrowing costs.

Tinubu said the government was shifting public borrowing away from financing short-term fiscal pressures towards investments expected to generate economic returns, create jobs and expand opportunities for future generations. He added that longer-term financing arrangements would help match repayment periods with the lifespan of infrastructure assets, reduce refinancing pressures and secure more competitive funding for productive investments.

Lists economic priorities The President said Nigeria must convert renewed international