President Bola Tinubu has sought approval for ₦10.8 trillion in external loans under the 2026 Appropriations Act.
Defending the plan, he said, “The key question is not how much we borrow, but what we build, the value we create and the future we leave behind.”
Projects include three superhighways, electricity grid improvements and Lagos port upgrades. He said the Lagos-Calabar Highway could cut transport costs by 15 to 20 per cent and create 250,000 direct and indirect jobs.
“We cannot build a $1 trillion economy with infrastructure designed for an economy a fraction of that size,” he added.
Tinubu cited 4.43 per cent GDP growth in the second quarter of 2026 and inflation falling to 14.63 per cent in September.
