Tinubu Advocates $21.7 Billion Loans for Infrastructure Growth

President Bola Tinubu has defended his administration's borrowing plans, stating that loans should be evaluated based on the infrastructure they provide and the economic value they generate. In an essay titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” published on October 29, 2026, he linked infrastructure development to his goal of building a $1 trillion economy by 2030.

Tinubu identified significant projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway, which are expected to enhance Nigeria's productive capacity and create approximately 100,000 direct jobs and over 150,000 indirect jobs. He noted that reforms since May 2023, including petrol subsidy removal and tax reforms, have improved public finances and investor confidence.

As of October 9, 2026, Nigeria's gross external reserves stood at $55.1 billion. Tinubu's defense comes amid scrutiny from former Vice President Atiku Abubakar, who has called for detailed information on the proposed borrowing's allocation, against the backdrop of Nigeria's rising public debt, which reached N166.79 trillion as of June.