‘Reps Back Tinubu’s Borrowing Plans For Infrastructure, Growth’, Says Speaker Abbas

Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has affirmed the House’s unwavering enactment for President Bola Tinubu’s borrowing strategy, stating that it was indispensable for financing captious infrastructure, stimulating economical growth, and protecting susceptible populations.

Speaking connected Monday astatine the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference successful Abuja, Abbas clarified the House’s presumption pursuing caller misinterpretations of his earlier remarks connected Nigeria’s indebtedness profile.

The conference, hosted by the Nigerian National Assembly and the National Assembly Budget and Research Office (NABRO), was themed: “The Role of PBOs successful African Parliaments’ Fiscal Oversights: Contribution to the African 2063 Development Agenda.”

Abbas, represented by the House Leader, Professor Julius Ihonvbere, addressed media reports that suggested the legislature opposed the president’s borrowing policy.

He referred specifically to comments made during the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC), wherever helium had raised concerns implicit Nigeria’s rising debt-to-GDP ratio, present astatine 52 per cent, surpassing the 40 per cent statutory threshold.

“A code delivered by the House Leader astatine the West Africa Parliamentary Conference was horrendously and mischievously reported retired of context,” Abbas said. “The content that the House does not enactment President Tinubu’s borrowing strategy is some inaccurate and misleading.”

He reiterated that the National Assembly has consistently supported strategical and liable borrowing aligned with Nigeria’s medium-term indebtedness strategy and planetary champion practices.

“Like each modern economy, Nigeria indispensable sometimes leverage recognition to concern captious infrastructure, stimulate growth, and support susceptible populations,” helium said. “What matters astir is that each borrowings stay targeted, transparent, and sustainable.”

The Speaker added that nether President Tinubu’s leadership, borrowed funds were being directed toward transformational projects that volition grow the country’s revenue-generating capacity, including power, transportation, and agriculture, alternatively than for recurrent consumption.

“The House stands firmly down the President’s imaginativeness of utilizing judicious borrowing arsenic a catalyst for maturation and poorness simplification portion simultaneously strengthening oversight mechanisms,” Abbas stated.

He noted that Nigeria loses an estimated $18 cardinal annually to fiscal crimes, accounting for astir 3.8% of the nationalist GDP, underscoring the urgent request for strengthened parliamentary fiscal oversight.

On a continental scale, Abbas warned that Africa loses implicit $587 cardinal each twelvemonth owed to corruption, illicit fiscal flows, and systemic inefficiencies.

“Africa is astatine a important crossroads,” helium said. “With implicit 1.4 cardinal people—about one-sixth of the planetary population—our continent is brimming with potential, but the way to achieving the Agenda 2063 goals remains challenging.”

He cited persistent poverty, younker unemployment, and infrastructure deficits arsenic cardinal obstacles portion noting that arsenic of 2024, an estimated 464 cardinal Africans inactive unrecorded successful utmost poverty, portion astir 12 cardinal young Africans participate the labour marketplace each year, with lone 3 cardinal ceremonial jobs created—posing a important hazard if unaddressed.

“These funds, if decently managed, tin present amended schools, healthcare, and occupation opportunities crossed the continent,” Abbas noted.

Also speaking, Chairperson of the African Network of Parliamentary Budget Offices (AN-PBO), Professor Dumisani Jantjies, warned that African economies stay susceptible to outer shocks, including volatile superior flows, planetary commercialized disruptions, and clime change.

He praised the relation of Parliamentary Budget Offices (PBOs) successful promoting fiscal transparency, argumentation accountability, and evidence-based decision-making, stressing their value successful achieving the African Union’s Agenda 2063.

“Our mandate is to supply legislatures with credible, non-partisan, evidence-based investigation to alteration informed fiscal decisions,” Jantjies said.

He besides commended Nigeria’s caller macroeconomic reforms, noting that economical maturation reached 3.4 per cent successful 2024—the highest successful a decade—while cautioning that ostentation and poorness stay persistent challenges.