Tinubu Defends Fresh Borrowing Plans Amid Opposition
President Bola Tinubu has defended the decision by his administration to borrow more money amid criticism from opposition leaders, adding that loans secured from international institutions and banks would help fund infrastructure projects, create jobs as well as expand economic opportunities for Nigerians.
President Bola Tinubu has defended the decision by his administration to borrow more money amid criticism from opposition leaders, adding that loans secured from international institutions and banks would help fund infrastructure projects, create jobs as well as expand economic opportunities for Nigerians.
According to Tinubu, the focus should not be on how much the country borrowed but on what the borrowed funds were used to achieve.
According to a statement by Tinubu's
According to Tinubu, the focus should not be on how much the country borrowed but on what the borrowed funds were used to achieve.
According to a statement by Tinubu's
Special Adviser to the President on Information and Strategy, Bayo Onanuga, “The real question is not how much we borrow, but what we build, what value we create and what future we leave behind.”
Tinubu identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos as key projects expected to strengthen the country’s productive capacity.
He further said that, the projects, alongside investments in healthcare, education and vocational training, would connect economic regions, lower transportation costs, improve access to markets and attract private investment.
Tinubu stressed that the Lagos-Calabar Coastal Highway alone could reduce logistics costs along its corridor by 15 to 20 per cent and contribute up to two per cent to Nigeria’s gross domestic product through increased trade, tourism and industrial activity, even as the project was projected to create about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs in logistics, materials supply and related sectors.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography.
We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he added, pointing out that his administration’s ambition to build a $1 trillion economy by 2030 would require sustained investment in infrastructure to support industrialization, trade and higher productivity.
The President also pointed to improvements in some economic indicators, which he said had strengthened Nigeria’s position in international financial markets and created opportunities to attract long-term investment among other reasons.
Tinubu identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos as key projects expected to strengthen the country’s productive capacity.
He further said that, the projects, alongside investments in healthcare, education and vocational training, would connect economic regions, lower transportation costs, improve access to markets and attract private investment.
Tinubu stressed that the Lagos-Calabar Coastal Highway alone could reduce logistics costs along its corridor by 15 to 20 per cent and contribute up to two per cent to Nigeria’s gross domestic product through increased trade, tourism and industrial activity, even as the project was projected to create about 100,000 direct jobs in construction and engineering, as well as more than 150,000 indirect jobs in logistics, materials supply and related sectors.
“We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography.
We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” he added, pointing out that his administration’s ambition to build a $1 trillion economy by 2030 would require sustained investment in infrastructure to support industrialization, trade and higher productivity.
The President also pointed to improvements in some economic indicators, which he said had strengthened Nigeria’s position in international financial markets and created opportunities to attract long-term investment among other reasons.
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