The Speaker of the House of Representatives, Abbas Tajudeen, has reiterated the House’s backing for President Bola Tinubu’s borrowing strategy, calling it vital for economic development and alleviating poverty.
Abbas shared this information on Monday in Abuja during the 8th Annual African Network of Parliamentary Budget Offices, AN-PBO, Conference.
He rejected claims that the House was against the borrowing plan, asserting that such statements were “mischievous and misleading.”
Abbas clarified that the National Assembly acknowledges the necessity of responsible borrowing to finance essential infrastructure, boost growth, and safeguard vulnerable groups.
He noted that Tinubu’s administration is channeling borrowed resources into transformative initiatives in power, transportation, and agriculture, rather than for mere consumption.
The Speaker emphasized that the borrowing strategy is being implemented with prudence, transparency, and adherence to global best practices as outlined in Nigeria’s Medium-Term Debt Strategy.
He also mentioned that the National Assembly is enhancing oversight mechanisms to ensure sustainability.
Abbas pointed out the creation of the National Assembly Budget and Research Office, NABRO, as a significant reform aimed at providing independent assessments on borrowing, debt sustainability, and fiscal policy.
