Speaker Abbas Backs Tinubu’s Borrowing Policy, Calls it Tool for Growth

The Speaker of the House of Representatives, Abbas Tajudeen, has clarified that the National Assembly fully supports President Bola Tinubu’s borrowing strategy, describing it as a legitimate instrument for financing infrastructure and driving sustainable economic growth.

Abbas gave the assurance on Monday in Abuja while delivering the keynote address at the 8th Annual African Network of Parliamentary Budget Offices Conference, organised by the National Assembly in partnership with the National Assembly Budget and Research Office. The conference theme was The Role of PBOs in African Parliaments’ Fiscal Oversight: Contribution to the African 2063 Development Agenda.

His remarks followed media reports suggesting that the legislature was uncomfortable with the administration’s debt plans. Concerns had earlier been raised at the 11th Annual Conference of the West Africa Association of Public Accounts Committees, where Nigeria’s debt-to-GDP ratio of 52 percent — above the statutory 40 percent threshold — was highlighted.

Abbas dismissed those reports as misleading, insisting that the House Leader’s speech at the conference was taken out of context.
“A speech delivered by the House Leader at the West Africa Parliamentary Conference was mischievously reported out of context, creating the wrong impression that the House of Representatives rejects President Tinubu’s borrowing plan. Such an interpretation is inaccurate and misleading” he said.

The Speaker stressed that borrowing remains a globally recognised fiscal tool when applied responsibly. He explained that President Tinubu had assured parliament that new loans would stay within the medium-term debt framework and align with international best practices.

According to him, proceeds from new borrowings are being channelled into priority sectors including power, transportation and agriculture — areas projected to stimulate productivity, expand revenue and reduce poverty.
“The House is solidly behind the President’s vision of deploying judicious borrowing as a catalyst for development and poverty alleviation while we strengthen parliamentary oversight” Abbas emphasised.

He also raised concern over Africa’s fiscal vulnerabilities, noting that Nigeria loses about 18 billion dollars annually to financial crimes — nearly 3.8 percent of its GDP. Across Africa, the figure rises to 587 billion dollars, largely due to corruption, illicit financial flows and systemic inefficiencies.

“These leakages undermine our ability to deliver social services. If properly harnessed, these resources could transform education, healthcare and infrastructure in Africa” he said.

Abbas highlighted Nigeria’s leadership role in Africa, pointing out that the country’s GDP stood at 477 billion dollars in 2022. However, he warned that entrenched poverty, high youth unemployment and limited job creation remain critical challenges that could destabilise the continent if left unaddressed.

In a goodwill message, AN-PBO Chairperson Prof. Dumisani Jantjies praised Nigeria for implementing tough reforms that delivered 3.4 percent economic growth in 2024, the strongest in a decade. He cautioned, however, that rising poverty and inflationary pressures pose serious threats.

Jantjies underscored the importance of strong Parliamentary Budget Offices across Africa, describing them as indispensable for fiscal transparency, accountability and ensuring that public resources are aligned with the African Union’s Agenda 2063 blueprint.

The Abuja conference provided a platform for African parliaments to share experiences and strengthen oversight mechanisms to drive long-term continental development.