President Bola Tinubu has defended his administration’s plan to take fresh loans, saying the money will fund projects that will create better opportunities for future generations of Nigerians.
The President’s position was made public in a statement released on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga.
Tinubu explained that the proposed loans are part of the Federal Government’s 2026-2027 borrowing programme. He said the funds would go into key areas such as electricity, transportation, healthcare, education, agriculture, water supply, job creation and poverty reduction.
He argued that Nigeria’s huge infrastructure gap and the large amount of money needed to fix it have made more external borrowing necessary.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue broader external borrowings to close the financing shortfall. This is for our children’s future,” Tinubu said.
He added that every project under the borrowing plan was chosen after careful technical and economic assessments, based on its expected impact on the country’s development.
According to him, the investments will create jobs, improve skills, support businesses, reduce poverty and strengthen food security.
“These initiatives aim to generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.
Tinubu also disclosed that most of the projects would cover all 36 states and the Federal Capital Territory to address development needs across the country.
