The Speaker of the House of Representatives, Tajudeen Abbas, has said the lower chamber of the National Assembly fully supports President Bola Tinubu’s borrowing strategy, insisting it is a necessary tool for driving economic growth and reducing poverty.
Speaking at the 8th Annual African Network of Parliamentary Budget Office Conference in Abuja on Monday, Abbas dismissed claims that lawmakers were opposed to the President’s borrowing plan.
He described such reports as “mischievous and misleading,” stressing that the House has consistently backed responsible borrowing.
According to him, some recent comments by a House leader at a regional forum were deliberately misinterpreted to give the impression that parliament was against Tinubu’s fiscal approach.
“That narrative is inaccurate. The House has always recognised that borrowing, when done strategically, is an essential part of national development,” Abbas clarified.
The Speaker argued that, like many modern economies, Nigeria must occasionally rely on loans to fund critical infrastructure and expand its revenue-generating capacity.
He emphasised that the Tinubu administration has assured lawmakers that all debts will remain transparent, targeted, and in line with the country’s Medium-Term Debt Strategy.
“Borrowed funds under this government are not being wasted on recurrent expenses,” Abbas explained.
“They are going into projects in power, transport, and agriculture that will stimulate long-term growth and create opportunities for Nigerians.”
He further stressed that the House of Representatives is committed to ensuring that every loan taken by the government is properly monitored.
“We support the President’s vision of using borrowing as a catalyst for growth while strengthening oversight mechanisms to ensure accountability,” he said.
Abbas also drew attention to the dangers of corruption and illicit financial flows, revealing that Nigeria loses about $18 billion annually, roughly 3.8 per cent of its GDP, to financial crimes.
He insisted that plugging these leakages, alongside responsible borrowing, will be key to safeguarding Nigeria’s economic future.
“Our position is clear,” the Speaker declared. “Responsible borrowing combined with anti-corruption reforms will help Nigeria meet its pressing developmental needs while protecting future generations from unsustainable debt.”