Tinubu defends fresh borrowing to finance infrastructure

President Bola Tinubu defended Nigeria’s fresh borrowing in an essay published Thursday, arguing that loans should be judged by the projects they finance and the value they generate. His defence comes amid criticism of the government’s borrowing plans from opposition figures concerned about rising debt obligations and their effect on public finances. Tinubu said financing could support economic development when directed toward productive investments that improve infrastructure, generate economic returns and strengthen competitiveness. He named the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Sahara Superhighway, electricity-grid upgrades and modernisation of major commercial ports in Lagos as projects intended to expand productive capacity. He said improved links between agricultural centres, industrial hubs and markets could reduce the cost of doing business, encourage private investment and support business growth. Investments in healthcare, education and vocational training, he added, would complement infrastructure spending by developing human capital. Tinubu cited projected benefits for the Lagos-Calabar Coastal Highway, saying it could cut...