The Speaker of the House of Representatives, Tajudeen Abbas, has declared that the Green Chamber fully supports President Bola Tinubu’s borrowing strategy, describing it as vital for driving economic growth and lifting millions out of poverty.
Speaking on Monday in Abuja at the 8th Annual African Network of Parliamentary Budget Office Conference, Abbas dismissed claims that the House opposed the President’s fiscal direction, branding such reports as “mischievous and misleading.”
“A recent speech delivered by the House Leader at the West African Parliamentary Conference was wrongly reported, creating the false impression that the House of Representatives does not support the borrowing strategy of President Bola Ahmed Tinubu’s administration. This interpretation is inaccurate and misleading,” Abbas clarified.
He explained that the National Assembly has long recognised responsible borrowing as a key fiscal tool for meeting Nigeria’s urgent developmental needs.
According to him, loans secured by the government are not for consumption but for transformative investments in power, transport, agriculture, and other sectors that will expand the country’s revenue base.
The Speaker assured Nigerians that the borrowing plan is anchored on prudence, sustainability, and global best practices, with strict oversight mechanisms in place.
Abbas also underscored the importance of tackling leakages through corruption and illicit financial flows, which he said drain about $18 billion annually, or roughly 3.8 percent of Nigeria’s GDP.
He stressed that a mix of responsible borrowing, tighter oversight, and bold anti-corruption reforms would secure the nation’s economic future and accelerate its path to shared prosperity.
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