The Speaker of the House of Representatives, Abbas Tajudeen, has declared full support for President Bola Tinubu’s borrowing strategy, describing it as vital for driving economic growth and reducing poverty.
Speaking in Abuja today at the 8th Annual African Network of Parliamentary Budget Offices Conference, Abbas dismissed reports suggesting otherwise, calling them misleading.
He said the National Assembly recognises that strategic and responsible borrowing, when guided by Nigeria’s Medium-Term Debt Strategy and global best practices, is essential to fund critical infrastructure, stimulate growth, and protect vulnerable groups.
He further explained that under Tinubu’s leadership, loans are being channelled into transformative projects in power, transport, and agriculture, aimed at expanding revenue generation rather than consumption.
He noted that the House would strengthen oversight while ensuring transparency and sustainability in all borrowings. The Speaker also pointed to the establishment of the National Assembly Budget and Research Office as a key reform for independent fiscal analysis.
He warned, however, that Nigeria loses about \$18 billion annually to corruption and illicit financial flows, stressing that plugging such leakages alongside responsible borrowing would safeguard the country’s economic future.