We fully back President Tinubu’s borrowing strategy — House of Reps Speaker, Tajudeen Abbas

Tajudeen Abbas, the Speaker of the House of Representatives, has expressed strong support for President Bola Ahmed Tinubu’s borrowing strategy, emphasizing its importance for Nigeria’s economic development and efforts to alleviate poverty.

During the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja on Monday, Abbas refuted claims that lawmakers were against the President’s borrowing plan, branding those reports as ‘malicious and misleading.’

He pointed out that a recent comment made by the House Leader at the West African Parliamentary Conference (WAPC) was misinterpreted, leading to a mistaken belief that the House was opposed to Tinubu’s borrowing strategy.

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“The 10th House and the National Assembly have consistently maintained that, given our urgent developmental needs, strategic and responsible borrowing is a necessary fiscal tool. Like other modern economies, Nigeria must at times rely on credit to fund critical infrastructure, drive growth, and protect vulnerable groups. What matters, and what the President has assured, is that borrowing remains targeted, transparent, and sustainable under Nigeria’s Medium-Term Debt Strategy and in line with global best practices,” he said.

Abbas added that under President Tinubu, borrowed funds are being channelled into transformative projects in sectors like power, transport, and agriculture to boost revenue generation rather than consumption. He noted that the House fully supports Tinubu’s vision of using prudent borrowing as a catalyst for growth and poverty reduction, while also ensuring strong oversight to guarantee accountability.