The Speaker of the House of Representatives, Abbas Tajudeen, has reaffirmed the legislature’s support for President Bola Tinubu’s borrowing strategy, describing it as a vital tool for financing infrastructure, stimulating growth, and protecting vulnerable Nigerians.
Abbas made this known on Monday while delivering a keynote address at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja. The event, hosted by the National Assembly and the National Assembly Budget and Research Office (NABRO), was themed “The Role of PBOs in African Parliaments’ Fiscal Oversights: Contribution to the African 2063 Development Agenda.”
The Speaker clarified that recent reports suggesting that the House opposed government borrowing were “mischievous and misleading,” noting that a statement earlier delivered at a West African parliamentary meeting was misrepresented.
“Recently, a speech delivered by the House Leader at the West Africa Parliamentary Conference was horrendously and mischievously reported out of context, creating the false impression that the House of Representatives does not support the borrowing strategy of President Tinubu’s administration. We should state clearly that this interpretation is both inaccurate and misleading,” he said.
According to Abbas, the National Assembly has consistently supported responsible and targeted borrowing aligned with Nigeria’s medium-term debt strategy and global best practices. He assured that loans under Tinubu’s administration are being deployed into transformative projects in power, transport, and agriculture, rather than for recurrent expenditure.
“The House stands firmly behind the President’s vision of using judicious borrowing as a catalyst for growth and poverty reduction, while simultaneously strengthening oversight mechanisms,” he stressed.
The Speaker also lamented the scale of financial crimes in Nigeria, disclosing that the country loses about $18 billion annually to corruption and illicit flows, representing 3.8 per cent of its GDP. He warned that Africa collectively loses over $587 billion every year to corruption and inefficiencies, a trend he said must be addressed if the continent hopes to achieve the African Union’s Agenda 2063.
Chairperson of AN-PBO, Professor Dumisani Jantjies, in his remarks, commended Nigeria’s recent macroeconomic reforms, noting that the country recorded 3.4 per cent growth in 2024, its highest in a decade. However, he cautioned that inflation and widespread poverty remain pressing challenges across the continent.
