Cynthia Ezegwu
The Speaker of the House of Representatives, Tajudeen Abbas, has said the Green Chamber fully supports President Bola Tinubu’s borrowing strategy, describing it as crucial to Nigeria’s economic growth and poverty reduction.
Abbas made this known on Monday in Abuja while speaking at the 8th Annual African Network of Parliamentary Budget Office Conference. He dismissed reports suggesting the House opposed Tinubu’s borrowing plans, calling them “mischievous and misleading.”
“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference was erroneously and mischievously 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. We wish to state clearly that this interpretation is both inaccurate and misleading,” he said.
According to him, the National Assembly has consistently affirmed that strategic and responsible borrowing is an essential fiscal tool in meeting Nigeria’s pressing developmental needs.
“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 Nigeria’s Medium-Term Debt Strategy and guided by global best practices,” Abbas added.
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The Speaker stressed that borrowed funds are being channelled into transformative projects in power, transport, and agriculture to boost revenue-generating capacity rather than consumption. He assured Nigerians that the borrowing plan is guided by prudence and global best practices.
Abbas also highlighted the need to plug leakages through corruption and illicit financial flows, which he said cost Nigeria about $18 billion annually, representing 3.8 per cent of GDP.
He maintained that responsible borrowing, combined with strict oversight and anti-corruption reforms, would safeguard Nigeria’s economic future.