The Speaker of the House of Representatives, Abbas Tajudeen, has reaffirmed the Green Chamber’s support for President Bola Tinubu’s borrowing strategy, dismissing reports suggesting otherwise.
Speaking on Monday in Abuja at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, Abbas described such claims as “mischievous and misleading.”
“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference (WAPC) was taken out of context, creating the false impression that the House of Representatives does not support the President’s borrowing strategy. This interpretation is inaccurate and misleading,” he said.
The Speaker explained that, like every modern economy, Nigeria occasionally needs to rely on credit to finance critical infrastructure, boost growth, and shield vulnerable citizens. He stressed that the 10th House and the National Assembly at large have consistently endorsed strategic and responsible borrowing, provided it is transparent, targeted, and sustainable.
According to him, under Tinubu’s leadership, loans are being directed towards transformative projects in power, transport, and agriculture—sectors that would expand Nigeria’s revenue base rather than fund consumption.
“The House stands firmly behind the President’s vision of using judicious borrowing as a catalyst for growth and poverty reduction, while also strengthening oversight mechanisms,” Abbas stated.
He also pointed to reforms such as the establishment of the National Assembly Budget and Research Office (NABRO), which will provide independent analysis on debt sustainability and fiscal policy.
However, Abbas cautioned that borrowing alone would not be enough, stressing the need to curb corruption and illicit financial flows. He revealed that Nigeria loses about $18 billion annually—around 3.8 per cent of GDP—to financial crimes.
He concluded that responsible borrowing, coupled with robust oversight and anti-corruption measures, would safeguard Nigeria’s economic future.
