Tinubu Defends Fresh Loans, Says Borrowing Needed for $1tn Economy

President Bola Tinubu has defended the Federal Government’s plan to secure fresh external loans, saying Nigeria needs long-term infrastructure investment to achieve its ambition of building a $1 trillion economy by 2030. �
Channels Television +1
The President said the focus should be on what the borrowed funds would achieve rather than simply the size of the loans. He cited projects including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, electricity grid upgrades and port development as key investments expected to boost economic activity and create jobs.
The Federal Government is seeking legislative approval for a multi-year external borrowing plan of about $20.5 billion and €1.45 billion, which it says will support infrastructure and other productive investments. The proposal has also generated debate over Nigeria’s debt obligations and the need for greater transparency. �
Channels Television +1
Tinubu said Nigeria cannot achieve a $1 trillion economy without infrastructure capable of supporting significantly higher levels of production, trade and investment.