The Speaker of the House of Representatives, Abbas Tajudeen, has affirmed that the National Assembly fully supports President Bola Tinubu’s borrowing strategy, describing it as a legitimate tool for financing infrastructure and driving sustainable development.
Abbas made this clarification on Monday in Abuja while delivering the keynote address at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, hosted by the National Assembly in partnership with the National Assembly Budget and Research Office.
Themed “The Role of PBOs in African Parliaments’ Fiscal Oversight: Contribution to the African 2063 Development Agenda,” the event brought together policymakers and fiscal experts across the continent.
Misrepresented Reports
The Speaker dismissed media reports suggesting that lawmakers were uneasy with the administration’s debt policy, particularly following concerns raised at the 11th Annual Conference of the West Africa Association of Public Accounts Committees about Nigeria’s debt-to-GDP ratio, which currently stands at 52 per cent — above the statutory 40 per cent threshold.
“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 clarified.
Borrowing as a Development Tool
Abbas stressed that borrowing, when applied responsibly, remains a globally recognised fiscal instrument. He noted that President Tinubu had assured parliament that all new loans would remain within Nigeria’s medium-term debt framework and adhere to international best practices.
According to him, proceeds from new borrowings are being channelled into critical sectors such as power, transportation, and agriculture — areas expected to improve productivity, expand government revenues, and reduce 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,” the Speaker stated.
Tackling Fiscal Leakages
Highlighting Africa’s fiscal vulnerabilities, Abbas revealed that Nigeria loses about $18 billion annually to financial crimes, representing nearly 3.8 per cent of its GDP. Across Africa, losses are estimated at $587 billion, largely driven by corruption, illicit financial 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 added that with Africa’s population at **1.4 billion people — one-sixth of the global total — Nigeria must take the lead in steering the continent toward sustainable and inclusive growth.
Regional Perspectives
Delivering a goodwill message, AN-PBO Chairperson, Prof. Dumisani Jantjies, praised Nigeria for its bold economic reforms, which produced a 3.4 per cent growth rate in 2024 — the country’s strongest in a decade. However, he warned that inflationary pressures and rising poverty remained significant risks.
Jantjies underscored the role of Parliamentary Budget Offices in ensuring fiscal transparency, accountability, and alignment of public resources with the African Union’s Agenda 2063 blueprint for “the Africa we want.”
The Abuja conference provided a platform for African parliaments to exchange knowledge, strengthen oversight mechanisms, and chart pathways toward the continent’s long-term development goals.
