Tinubu Defends New Loans, Says Borrowing Must Deliver Jobs and Infrastructure

President Bola Tinubu has defended Nigeria’s fresh borrowing, saying the key issue is not the size of the loans but whether they fund projects that create value, jobs and lasting economic benefits. He said investments in the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, power-grid upgrades and Lagos ports modernisation are intended to reduce logistics costs, connect markets and attract private investment. The Lagos-Calabar route alone is projected to create thousands of direct and indirect jobs. Tinubu said his administration is shifting borrowing away from short-term fiscal needs towards longer-term financing for infrastructure. He added that Nigeria’s economic reforms, including subsidy removal, exchange-rate changes and tax reforms, have improved investor confidence and strengthened public finances. The President said the government’s performance should ultimately be judged by completed projects, jobs and improved living standards, not by its ability to secure financing.

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