Reports That The House Of Reps Is Against Tinubu’s Borrowing Are Misleading – Abbas
The Speaker of the House of Representatives, Tajudeen Abbas, has dismissed claims that the lawmakers are against the borrowing plans by the government of President Bola Tinubu.
Speaking on Monday in Abuja at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, Abbas said reports suggesting that the House opposed Tinubu’s borrowing plans are both inaccurate and misleading.
He clarified that the recent speech delivered by the House Leader at the West African Parliamentary Conference (WAPC) was erroneously reported in some quarters to claim the House of Representatives is against Tinubu’s borrowing plans.
He stressed that both the green chamber and the National Assembly at large are behind the government’s borrowing plans.
“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference (WAPC) was erroneously and mischievously reported out of context, creating the false impression that the House of Representatives does not support the borrowing strategy of President Bola Ahmed Tinubu’s administration. We wish to state clearly that this interpretation is both inaccurate and misleading.
“The 10th House and indeed the National Assembly have consistently affirmed that, in the face of pressing developmental needs, strategic and responsible borrowing is an essential fiscal tool. Like every modern economy, Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations. What is important and what the President has assured is that all borrowing remains targeted, transparent, and sustainable, consistent with Nigeria’s Medium-Term Debt Strategy and guided by global best practices,” he said.
Abbas added that borrowings by the Tinubu government are justified as they are channelled into funding critical infrastructure, stimulating growth, and protecting vulnerable populations.
“Under President Tinubu’s leadership, borrowed funds are being channelled towards transformative projects that will expand revenue-generating capacity, such as power, transport, and agriculture, rather than for consumption. The House stands firmly behind the President’s vision of using judicious borrowing as a catalyst for growth and poverty reduction, while simultaneously strengthening oversight mechanisms.
“In the face of pressing developmental needs, strategic and responsible borrowing is an essential fiscal tool. Like every modern economy, Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations,” Abbas stated.
The Speaker, therefore, called on Nigerians to support the government of President Tinubu, assuring that his borrowings are guided by prudence and global best practices, adding that the funds are being targeted at transformative projects.
