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Tinubu Defends Foreign Loans, Says Infrastructure Drives Growth
Photo: Vanguard
President Bola Tinubu has defended his administration's borrowing strategy following criticism from opposition politicians regarding recent foreign loans. Writing in a published essay, Vanguard reports that the Nigerian leader argued that focus should be on the value, infrastructure, and future opportunities created by the funding rather than the total debt amount.
Tinubu highlighted key national infrastructure projects including major highways, power grid enhancements, and port modernization as vital drivers for long-term productivity. According to him, these initiatives alongside investments in education and health will lower transport expenses, attract private capital, and potentially generate over 250,000 direct and indirect jobs.
The President stated that expanding infrastructure is essential for achieving his target of growing Nigeria into a one trillion dollar economy by 2030. He added that previous fiscal reforms, such as fuel subsidy removal and currency adjustments, have stabilized public finances and restored global investor confidence in the nation.
Sources: Vanguard
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