The Speaker of the House of Representatives, Abbas Tajudeen, has stated that the National Assembly supports using borrowing as a legitimate method to fund infrastructure and drive sustainable growth.
Abbas gave this assurance on Monday in Abuja while delivering the keynote address at the 8th Annual African Network of Parliamentary Budget Offices Conference.
His comments came after media reports suggested the legislature was uneasy with President Bola Tinubu’s debt strategy. These reports followed concerns raised about Nigeria’s debt-to-GDP ratio at a recent West African parliamentary conference.
The Speaker insisted that the reports had misrepresented the House’s position. “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.
He explained that borrowing is a globally recognised fiscal tool when applied carefully. Abbas added that the President had assured parliament that new loans would fit within the country’s medium-term debt framework.
According to him, money from new borrowings is being directed into key sectors like power, transportation, and agriculture, which are expected to boost productivity 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.
The Speaker also warned that Africa loses billions to financial crimes each year, funds which he said could transform education and healthcare if properly managed.
In a goodwill message, the Chairperson of the AN-PBO, Prof. Dumisani Jantjies, commended Nigeria for its economic reforms but cautioned that inflation and poverty remain significant challenges.
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