The Speaker of the House of Representatives, Abbas Tajudeen, has clarified that the National Assembly fully supports President Bola Tinubu’s borrowing plans, dismissing reports suggesting otherwise as misleading.
Speaking in Abuja at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, Abbas explained that his earlier remarks at a different event were misinterpreted, creating the impression that the House opposed borrowing.
He stressed that borrowing, when properly managed, is an important tool for development, noting that many countries borrow to finance infrastructure and stimulate economic growth. According to him, Nigeria must also rely on borrowing to bridge its development gap.
Abbas assured that President Tinubu has committed to keeping all new loans within the framework of Nigeria’s medium-term debt strategy and global best practices, with funds directed toward power, transportation, and agriculture.
The Speaker also revealed that Nigeria loses an estimated $18 billion annually to financial crimes, illicit flows, and systemic inefficiencies—resources that could otherwise be invested in education, healthcare, and other critical sectors.
He reiterated that the House will continue to support responsible borrowing, while ensuring transparency and accountability in the use of funds.
Report by: Isaac Blessing | Edited by: Chris Odjomah