Since assuming office in May 2023, the Bola Tinubu administration has accumulated an estimated ₦57 trillion to ₦65.9 trillion in new public debt, according to economic analysts and data tracking organisations such as the Alliance for Economic Research and Ethics.
The Minister of Works, David Umahi, has stated that President Bola Tinubu is borrowing to fix Nigeria’s roads because “infrastructure is the foundation for security, commerce and economic growth.”
Umahi spoke in Abuja during a visit by the Inspector General of Police, IGP Olatunji Disu, to the Ministry of Works.
“When people say, ‘Why is he borrowing?’ The president is borrowing so that our roads can be good. Infrastructure, roads, everything. Without roads, it’s difficult for the security agencies. Without roads, it’s difficult for commerce to thrive. Without roads, schools will be hindered,” Umahi said.
The minister explained that more than 80 per cent of the ongoing projects, valued at about N34 trillion, were inherited from previous administrations, some dating back to 2000, 2015 and 2017. The president, he said, decided to retain them because they were critical to the country’s economic revolution. Umahi said the administration adopted reinforced concrete pavement to ensure durability, noting that completed roads would not require attention for between 50 and 100 years.
He highlighted the four legacy projects of the Tinubu administration as investment-driven initiatives designed to trigger economic transformation. These include the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Highway, the Calabar-Ebonyi-Benue-Kogi-Nasarawa-Abuja corridor and the Akwanga-Jos-Bauchi-Gombe-Biu-Maiduguri route.
Citing progress, Umahi said the 47.47-kilometre section one of the Lagos-Calabar Coastal Highway had been completed and was attracting investors interested in tolling and recouping funds for the government. He added that the president had approved solar lighting for the entire 375-kilometre Abuja-Kaduna-Zaria-Kano road, with the first 118 kilometres already completed at a cost of N252 billion. The second section of 164 kilometres is expected to be finished by November.
On security, Umahi said road projects had been delayed in some areas due to insecurity, but the intervention of security agencies had kept work moving. He thanked the police and other security chiefs for their support.