House Speaker Abbas backs President Tinubu’s borrowing plan

‎The Speaker of the House of Representatives, Abbas Tajudeen, has affirmed the legislature’s strong backing of President Bola Ahmed Tinubu’s borrowing framework, emphasizing its critical role in advancing Nigeria’s economic growth and reducing poverty.
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‎Addressing delegates on Monday at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja, Abbas refuted claims that the House opposes the government’s credit acquisition plans, labeling such reports as inaccurate and misleading.
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He clarified that recent comments made by the House Leader at the West African Parliamentary Conference (WAPC) were misrepresented, creating a false impression of dissent within the Green Chamber regarding the administration’s debt management approach.

The 10th National Assembly has consistently recognized that in the context of urgent developmental challenges, well-planned and responsible financing is indispensable. Like other modern economies, Nigeria must occasionally utilize loans to fund critical infrastructure, stimulate economic activity, and provide support to vulnerable groups – Abbas

He assured that all borrowing aligns with the Medium-Term Debt Strategy and adheres to international best practices, ensuring transparency and sustainability
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‎The Speaker stated that under President Tinubu’s guidance, borrowed resources are directed toward transformative ventures that increase revenue potential in sectors such as power, transportation, and agriculture rather than support routine consumption. The legislature fully endorses the leadership’s prudent use of credit as a driver of progress and hardship alleviation, while reinforcing rigorous supervision measures.
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‎Abbas also brought attention to the newly established National Assembly Budget and Research Office (NABRO), a reform designed to supply independent assessments regarding borrowing practices, fiscal health, and debt management.
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‎He noted that the country loses approximately $18 billion annually to financial misconduct and illicit capital flight, an amount representing roughly 3.8% of GDP. He stressed that effective borrowing combined with stringent oversight and robust anti-corruption initiatives is vital to safeguarding the nation’s economic future.