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- House Speaker Abbas Tajudeen says President Tinubu’s borrowing plan is essential for Nigeria’s economic growth and poverty reduction
- The Speaker dismisses reports of House opposition, insisting all loans are targeted, transparent, and guided by global best practices
- Borrowed funds are being directed to power, transport, and agriculture projects to expand revenue and stimulate long-term development
Speaker of the House of Representatives Abbas Tajudeen has reaffirmed the chamber’s support for President Bola Ahmed Tinubu’s borrowing strategy, describing it as a necessary instrument to drive economic growth and reduce poverty.
Addressing participants at the 8th Annual African Network of Parliamentary Budget Offices Conference in Abuja on Monday, Abbas dismissed reports claiming that the House opposed the plan.
Source: Facebook
Lawmakers back targeted borrowing for growth
He said a recent speech by the House Leader at a West African Parliamentary Conference was “mischievously reported out of context,” creating a false impression of disagreement with the President’s fiscal direction.
“The 10th House and indeed the National Assembly have consistently affirmed that, in the face of pressing developmental needs, strategic and responsible borrowing is an essential fiscal tool,” Abbas said.
“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.”
The Speaker explained that funds secured under Tinubu’s administration are being directed toward transformative projects capable of expanding the nation’s revenue base.
Sectors such as power, transport and agriculture are receiving priority to create long-term economic value rather than finance consumption. He added that the House would strengthen oversight to ensure every loan is used responsibly and yields measurable impact.
Abbas pledges oversight on Tinubu’s loans
Abbas pointed to the creation of the National Assembly Budget and Research Office as a major reform aimed at providing independent analysis of borrowing, debt sustainability and fiscal policy.
He also warned that borrowing alone cannot solve Nigeria’s economic challenges, noting that the country loses about 18 billion dollars annually to corruption and illicit financial flows, an amount he estimated at roughly 3.8 percent of GDP.
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He urged stronger measures to plug leakages and curb financial crimes while maintaining that strategic borrowing remains unavoidable if Nigeria is to meet its infrastructure and development goals. “Responsible borrowing, combined with strict oversight and anti-corruption reforms, will safeguard Nigeria’s economic future,” he said.
Abbas assured Nigerians that the legislature will continue to scrutinise borrowing plans to ensure they align with national priorities and global standards.
Reps reaffirm confidence in Speaker Abbas
Earlier, Legit.ng reported that deputy spokesperson of the House of Representatives, Honourable Philip Agbese, has rejected reports that lawmakers are plotting a confrontation with the Speaker, Rt. Hon. Tajudeen Abbas, when the chamber reconvenes later this month.
He described such claims as speculative and an attempt to create disunity in the House.
Speaking with journalists in Abuja on Tuesday, Septemeber 2, Agbese said members remain solidly behind the leadership of Speaker Abbas and are satisfied with his style of administration.
Source: Legit.ng
