President Bola Tinubu has defended fresh borrowing plans by his administration, insisting that the investments will expand opportunities for future generations of Nigerians.
This is contained in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, on Thursday.
The president said the proposed borrowing is part of the Federal Government's 2026-2027 borrowing programme, adding that it is targeted at critical sectors including power, transportation, healthcare, education, agriculture, water supply, employment generation and poverty reduction.
According to him, the scale of Nigeria's infrastructure deficit and the huge financial resources needed to address it have made 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 maintained that the projects and programmes included in the borrowing plan were selected based on thorough technical and economic evaluation and their anticipated contribution to the socio-economic development of the country.
He explained that the investments are expected to create jobs, promote skills acquisition, foster entrepreneurship, 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.
The President further disclosed that most of the projects would be implemented across the 36 states and the Federal Capital Territory, assuring that the nationwide spread will help address development needs in every region.
It's for your children's future' – Tinubu defends $20.5bn fresh borrowing as Nigerians groan