The Speaker of the House of Representatives, Tajudeen Abbas, on Monday declared that the Green Chamber is solidly behind President Bola Ahmed Tinubu’s borrowing strategy, describing it as a “necessary fiscal tool” for economic growth and poverty reduction.
Speaking at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja, Abbas dismissed reports suggesting that the House had opposed the President’s borrowing plan, describing such claims as “mischievous and misleading.”
“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference was erroneously reported out of context, creating the false impression that the House of Representatives does not support the borrowing strategy of President Bola Ahmed Tinubu’s administration,” Abbas said. “We wish to state clearly that this interpretation is both inaccurate and misleading.”
According to the Speaker, the 10th House and the National Assembly recognise that in the face of Nigeria’s pressing developmental needs, strategic and responsible borrowing is unavoidable.
“Like every modern economy, Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations. What is important—and what the President has assured—is that all borrowing remains targeted, transparent, and sustainable, consistent with the Medium-Term Debt Strategy and guided by global best practices,” he explained.
Abbas stressed that borrowed funds under Tinubu’s leadership were being channelled into transformative projects in power, transport, and agriculture that would expand the country’s revenue base rather than fund consumption.
He added that the National Assembly had strengthened oversight mechanisms, particularly with the establishment of the National Assembly Budget and Research Office (NABRO), to provide independent analysis on borrowing, debt sustainability, and fiscal policy.
While defending the borrowing plan, Abbas acknowledged that corruption and illicit financial flows must also be tackled to safeguard Nigeria’s future. He noted that the country loses about $18 billion annually—around 3.8 per cent of GDP—to financial crimes.
“Responsible borrowing, combined with strict oversight and anti-corruption reforms, will safeguard Nigeria’s economic future,” the Speaker said.
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