The Speaker of the House of Representatives, Abbas Tajudeen, has dismissed reports suggesting that the National Assembly is opposed to President Bola Tinubu’s borrowing strategy, insisting that lawmakers fully support the initiative as a viable tool for driving infrastructure development and sustainable growth.
Abbas made the clarification on Monday in Abuja while delivering a keynote address at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, jointly organised by the National Assembly and 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 parliamentarians and fiscal experts across the continent.
The Speaker’s remarks followed reports that the House was uncomfortable with the administration’s debt policy, particularly after concerns were raised at a recent regional forum over Nigeria’s debt-to-GDP ratio of 52 per cent — well above the statutory ceiling of 40 per cent.
He, however, faulted such reports, describing them 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,” Abbas said.
The Speaker emphasised that borrowing remains a globally recognised fiscal tool when applied prudently, noting that the President had assured lawmakers that new loans would remain within the medium-term debt framework and in line with international best practices.
He added that proceeds from fresh loans were already being channelled into critical sectors such as power, transportation and agriculture — investments he described as capable of boosting productivity, expanding revenue and reducing 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 stressed.
Beyond domestic challenges, the Speaker drew attention to Africa’s fiscal leakages, disclosing that Nigeria loses an estimated $18bn annually to financial crimes — about 3.8 per cent of its GDP. Across the continent, the figure stands at $587bn, largely driven by corruption, illicit flows and inefficiencies.
“These leakages undermine our ability to deliver social services. If properly harnessed, these resources could transform education, healthcare and infrastructure in Africa,” he said.
He also underscored Nigeria’s role in shaping Africa’s economic future, warning that persistent poverty, high youth unemployment and sluggish job creation could push the continent into crisis if left unchecked.
In his goodwill message, AN-PBO Chairperson, Prof. Dumisani Jantjies, commended Nigeria’s economic reforms, which he said delivered a 3.4 per cent growth rate in 2024 — the country’s strongest in a decade. He, however, cautioned that inflationary pressures and worsening poverty still pose significant threats.
Jantjies described Parliamentary Budget Offices across Africa as “indispensable” for fiscal transparency and accountability, stressing that their role would be central in realising the African Union’s Agenda 2063 blueprint.
The Abuja gathering provided a platform for African parliaments to exchange ideas and sharpen oversight tools aimed at achieving the continent’s long-term development goals.
