By Ghazali Ibrahim
The Speaker of the House of Representatives, Tajudeen Abbas, has thrown the weight of the Green Chamber behind President Bola Tinubu’s borrowing strategy, describing it as vital for Nigeria’s economic growth and poverty reduction.
Abbas made the declaration on Monday in Abuja at the 8th Annual African Network of Parliamentary Budget Office Conference, where he dismissed reports suggesting that the House opposed Tinubu’s fiscal plans.
“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference (WAPC) 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.
The Speaker emphasised that borrowing, if done responsibly, remains a key instrument for financing Nigeria’s infrastructure deficit and driving long-term development.
“In the face of pressing developmental needs, strategic and responsible borrowing is an essential fiscal tool. Like every modern economy, Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations,” Abbas added.
He assured that under Tinubu’s leadership, borrowed funds would be channelled into transformative projects in power, transport, and agriculture to boost revenue-generating capacity, rather than for consumption.
Abbas further stressed that the National Assembly would strengthen oversight to ensure transparency, while highlighting the need to curb corruption and illicit financial flows.
“Nigeria loses about $18 billion annually to financial crimes, roughly 3.8 per cent of GDP. Responsible borrowing, coupled with strict oversight and anti-corruption reforms, will safeguard the country’s economic future,” the Speaker said.
The 10th House, according to him, remains committed to aligning with global best practices while supporting President Tinubu’s vision for sustainable growth.
