Nigeria must borrow to grow, Abbas defends Tinubu’s borrowing strategy

The Speaker of the House of Representatives, Tajudeen Abbas, has declared full support for President Bola Tinubu’s borrowing strategy, describing it as a necessary fiscal tool for driving economic growth, infrastructure development, and poverty alleviation in Nigeria.

Speaking in Abuja on Monday at the 8th Annual African Network of Parliamentary Budget Office Conference, Abbas emphasised that responsible borrowing remains vital in addressing Nigeria’s pressing developmental needs.

He debunked media reports suggesting that the House of Representatives was at odds with the President’s borrowing policy, describing such claims as “mischievous and misleading.”

“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference (WAPC) was erroneously reported out of context, creating the false impression that the House of Representatives does not support President Tinubu’s borrowing strategy. We wish to state clearly that this interpretation is both inaccurate and misleading,” he said.

Abbas reaffirmed that the 10th National Assembly supports strategic, transparent, and sustainable borrowing , provided it aligns with Nigeria’s Medium-Term Debt Strategy and global best practices.

“Like every modern economy, Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations,” he noted.

The Speaker stressed that under President Tinubu’s leadership, borrowed funds are being channelled into transformational projects that can expand Nigeria’s revenue base, particularly in power, agriculture, and transport sectors.

“The House stands firmly behind the President’s vision of using judicious borrowing as a catalyst for growth and poverty reduction. Strategic and responsible borrowing is not just necessary, it is essential for development,” he added.

Abbas also addressed the need for fiscal discipline, noting that the country loses an estimated $18 billion annually, about 3.8% of its GDP,  to financial crimes, illicit flows, and corruption.

He assured that the National Assembly would enhance oversight functions to ensure accountability and that every borrowed naira is spent on productive ventures.

“The combination of responsible borrowing, strict oversight, and comprehensive anti-corruption reforms will help secure Nigeria’s economic future,” the Speaker concluded.