Reps Reaffirm Support for Tinubu’s Borrowing Plans – Speaker Abbas
The Speaker of the House of Representatives, Abbas Tajudeen, has reiterated that the House fully supports President Bola Ahmed Tinubu’s borrowing strategy, describing it as essential for financing infrastructure, driving growth, and protecting vulnerable Nigerians.
Speaking at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja, Abbas dismissed reports suggesting that lawmakers opposed the administration’s borrowing policy. He said remarks made earlier at a regional parliamentary conference were misrepresented, creating a false impression.
“The House and indeed the National Assembly have consistently maintained that strategic and responsible borrowing is an indispensable fiscal tool. What matters is that all borrowings remain transparent, sustainable, and aligned with Nigeria’s medium-term debt strategy,” he stated.
Abbas emphasized that loans under Tinubu’s administration are being directed towards transformative projects in sectors such as power, transport, and agriculture, not for consumption. He assured that the legislature would continue to strengthen oversight to ensure funds are properly utilized.
He also highlighted Nigeria’s annual loss of about $18 billion to financial crimes, stressing the urgency of stronger parliamentary oversight to safeguard public resources. Across Africa, he warned, corruption and illicit financial flows cost the continent nearly $587 billion each year.
“Africa is at a critical turning point,” Abbas noted, adding that with a population of over 1.4 billion and vast natural and human resources, the continent must harness its potential to achieve the African Union’s Agenda 2063.
The AN-PBO conference, hosted by the Nigerian National Assembly and the National Assembly Budget and Research Office (NABRO), focused on strengthening fiscal oversight across African parliaments.
Chairperson of AN-PBO, Professor Dumisani Jantjies, commended Nigeria’s recent reforms, which pushed economic growth to 3.4 percent in 2024—the highest in a decade—while cautioning that inflation, poverty, and youth unemployment remain serious challenges.
