President Bola Tinubu has defended his administration’s reliance on foreign loans, saying borrowing is necessary to finance infrastructure and drive Nigeria’s ambition of building a $1 trillion economy.
In an essay titled From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy, the president argued that the focus should be on how borrowed funds are invested and the economic benefits they generate.
He highlighted major projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway and electricity infrastructure upgrades, as investments expected to improve trade, create jobs and support industrial growth.
Tinubu maintained that infrastructure development would help reduce transportation costs, attract private investment and strengthen economic productivity.
However, Nigeria’s growing debt burden continues to raise concerns about repayment costs and the impact of borrowing on public finances.
The president said the success of the government’s borrowing strategy would ultimately depend on completing projects and delivering measurable economic benefits to Nigerians.
Source: TheCable
