…says National Assembly backing President on loan-based development, reforms
The Speaker of the House of Representatives, Dr. Abbas Tajudeen, says the House stands solidly behind President Bola Tinubu’s borrowing plans.
Delivering the keynote address at the 8th Annual African Network of Parliamentary Budget Offices Conference, Dr. Tajudeen noted that the recent House’s position on government borrowing was misrepresented.
He said the borrowing plans by current administration are measures for financing critical infrastructure and stimulating economic growth.
The Speaker clarified that the legislature has consistently supported responsible and targeted borrowing to meet Nigeria’s pressing developmental needs.
According to Dr. Tajudeen, strategic and responsible borrowing is an essential fiscal tool, saying that Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations.
He assured Nigerians that all borrowings under President Tinubu’s administration are designed to be transparent, sustainable, and in line with Nigeria’s medium-term debt strategy and global best practices.
“Recently, a speech delivered by the House leader at the West Africa Parliamentary Conference was horrendously and mischievously reported out of context, creating the false impression that the House of Representatives does not support the borrowing strategy of President Tinubu administration. We should state clearly that this interpretation is both inaccurate and misleading.
”The House and indeed the National Assembly have consistently affirmed that in the face of present developmental needs, strategic and responsible borrowing is an essential fiscal tool. Like every modern economy, Nigeria most sometimes liberates credit to finance critical infrastructure. Stimulate growth and protect vulnerable populations.
”What is important and what the President has assured is that all borrowings remain targeted, transparent and sustainable, consistent with Nigeria’s medium term debt strategy and guided by global best practices.
Under our President’s leadership, borrowed forms are being channeled towards transformative projects that will expand revenue generating capacity, such as power, transport and agriculture, rather than for consumption.
”The House stands firmly behind the President’s vision of using judicial borrowing as a catalyst for growth and poverty reduction, while simultaneously strengthening oversight mechanisms.
The Speaker also disclosed that Nigeria loses an estimated $18 billion every year to financial crimes, representing roughly 3.8 per cent of the country’s GDP, the speaker stressed the urgent need for strengthened parliamentary fiscal oversight to safeguard public resources.
He warned that the continent collectively loses over $587 billion annually due to corruption, illicit financial flows, and inefficiencies.
