President Bola Tinubu has defended borrowing as a strategic necessity for economic growth and national development, saying that it is not a criminal act but a vital tool for building a prosperous future.
Speaking during his first Presidential Media Chat on Monday night at his Ikoyi residence in Lagos, Tinubu outlined his vision for Nigeria’s economic revival and infrastructure development. He noted that short-term borrowing was essential to lay the foundation for long-term economic success.
“Borrowing is not criminal,” Tinubu stated. “If you don’t put money on a short-term basis, you don’t have the masonry to manage the long-term business. We have followed the wrong road for a long time. I want to think about the prosperity of our country. I want to think about tomorrow, not just today.”
The President highlighted the pressing need for investment in critical infrastructure, pointing out the dilapidated state of Nigeria’s roads and the substandard quality of internet services as key challenges.
“The element of borrowing is capital projects,” Tinubu explained. “Our roads are terrible, our internet is not good. We must address these issues if we are serious about building a prosperous nation.”
The President’s defence comes amid growing public concern over Nigeria’s rising debt profile. However, Tinubu stressed that borrowing for infrastructure development and productive projects was a necessary step to stimulate growth and attract further investment.
The Tinubu administration has faced criticism over its economic policies, but the President’s stance suggested a commitment to a long-term vision for Nigeria’s future, prioritising capital investments to address the country’s infrastructure deficits.
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