President Bola Tinubu Defends New Loans For Infrastructure
President Bola Tinubu has defended Nigeria's new borrowing from international institutions and banks. The loans will be used to fund major projects such as the Lagos-Calabar Coastal Highway and electricity grid upgrades.
President Bola Tinubu says loans will fund infrastructure that expands opportunities for future generations
These projects are expected to strengthen Nigeria's productive capacity and create jobs. The Lagos-Calabar Coastal Highway is expected to cut logistics costs along its corridor by 15 to 20 per cent and could add up to two per cent to Nigeria's GDP through expanded trade, tourism and industrial activity.
The administration's economic strategy includes five priorities: food affordability and energy price stability, budget harmonisation and fiscal discipline, completion of high-impact projects and investment in critical infrastructure, an improved economic policy framework and regulatory efficiency, and targeted household support alongside investment in human development.
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