The Speaker of the House of Representatives, Abbas Tajudeen, has declared that the Green Chamber fully supports President Tinubu’s borrowing plan.

Abbas made this known on Monday in Abuja at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, dismissing reports that the House opposed Tinubu’s borrowing strategy.

He labelled such claims as “mischievous and misleading.”

“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference (WAPC) was taken out of context, creating the false impression that the House of Representatives does not support the President’s borrowing strategy.

This interpretation is inaccurate and misleading,” the Speaker said.

He explained that, like every modern economy, Nigeria must occasionally rely on credit to finance critical infrastructure, boost growth, and shield vulnerable citizens.

According to him, the 10th House and the National Assembly at large have consistently affirmed that strategic and responsible borrowing remains an essential fiscal tool, provided it is transparent, targeted, and sustainable.

Abbas stressed that under Tinubu’s leadership, loans are being directed towards transformative projects in power, transport, and agriculture—sectors he said would expand Nigeria’s revenue base rather than fund consumption.

“The House stands firmly behind the President’s vision of using judicious borrowing as a catalyst for growth and poverty reduction, while also strengthening oversight mechanisms,” he added.

The Speaker highlighted reforms such as the creation of the National Assembly Budget and Research Office (NABRO), designed to provide independent analysis on debt sustainability and fiscal policy.

He, however, cautioned that borrowing alone was not enough, insisting that curbing corruption and illicit financial flows must go hand in hand with prudent debt management.

Abbas noted that Nigeria loses about $18 billion annually—around 3.8 per cent of GDP—to financial crimes.

He concluded that responsible borrowing, combined with strong oversight and anti-corruption measures, would safeguard Nigeria’s economic future.