President Bola Tinubu has defended his administration’s external borrowing plans, saying Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of key commercial ports in Lagos among others would strengthen Nigeria’s productive capacity.

According to him, the loans will finance critical infrastructure and investments capable of expanding economic opportunities for future generations.

The President’s position came as the Nigeria Labour Congress, NLC, faulted his request to the National Assembly for approval to obtain fresh external loans of $20.5 billion and €1.45 billion, questioning the justification for continued borrowing despite claims of increased government revenue.

In a statement titled “From Reforms to Delivery: Our Infrastructure Investment and Growth Strategy,” Tinubu said the focus should be on the economic value generated by borrowed funds rather than the amount borrowed.

The President identified the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and modernisation of key commercial ports in Lagos as major projects expected to strengthen Nigeria’s productive capacity.

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