The Speaker of the House of Representatives, Abbas Tajudeen, has clarified that the National Assembly is not opposed to President Bola Tinubu’s borrowing policy, affirming that lawmakers support borrowing as a legitimate fiscal tool to fund infrastructure and stimulate sustainable growth.
Abbas made this known in Abuja on Monday while delivering the keynote address at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, organised by the National Assembly in collaboration with the National Assembly Budget and Research Office.
The conference, themed “The Role of PBOs in African Parliaments’ Fiscal Oversight: Contribution to the African 2063 Development Agenda,” brought together African parliamentarians and fiscal experts.
His remarks followed media reports suggesting legislative unease with the administration’s debt strategy, particularly after concerns were raised at the 11th Annual Conference of the West Africa Association of Public Accounts Committees. At that event, Nigeria’s debt-to-GDP ratio of 52 per cent — above the 40 per cent statutory threshold — had drawn attention.
Abbas dismissed the reports as misleading.
“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 stated.
The Speaker stressed that borrowing, when prudently managed, is a globally recognised fiscal instrument. He noted that President Tinubu had assured lawmakers that all new loans would remain within the medium-term debt framework and international best practices.
According to him, funds from recent borrowings are being channelled into priority sectors such as power, transportation, and agriculture — areas expected to boost productivity, expand revenues, 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 said.
He also highlighted Africa’s fiscal vulnerabilities, warning that Nigeria loses about $18 billion annually to financial crimes — nearly 3.8 per cent of its GDP. Across Africa, illicit financial flows and systemic inefficiencies amount to $587 billion yearly.
“These leakages undermine our ability to deliver social services. If properly harnessed, these resources could transform education, healthcare, and infrastructure in Africa,” he warned.
Abbas added that Nigeria, with a GDP of $477 billion in 2022 and a population that makes up one-sixth of Africa, must take the lead in steering the continent toward sustainable growth.
Delivering a goodwill message, AN-PBO Chairperson Prof. Dumisani Jantjies commended Nigeria for pursuing bold economic reforms that achieved a 3.4 per cent growth rate in 2024 — the strongest in a decade. He cautioned, however, that inflationary pressures and rising poverty remain key risks.
Jantjies underscored the importance of Parliamentary Budget Offices across Africa, describing them as “indispensable” for fiscal transparency, accountability, and aligning public resources with the African Union’s Agenda 2063 blueprint for “the Africa we want.”
The Abuja gathering provided a platform for African legislatures to exchange experiences, strengthen oversight mechanisms, and accelerate progress toward the continent’s long-term development goals.
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