Tinubu borrowing strategy gains full support from House of Reps as Speaker Abbas calls it vital for growth, poverty reduction, and infrastructure investment.

Tinubu borrowing strategy has received emphatic endorsement from the House of Representatives, with Speaker Tajudeen Abbas describing it as vital for national development, economic expansion, and poverty alleviation.

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Speaking in Abuja at the 8th Annual African Network of Parliamentary Budget Office Conference, Abbas strongly dismissed claims that the House opposed President Bola Tinubu’s borrowing plans, labelling such reports as “mischievous and misleading.”

He reaffirmed that responsible borrowing was a “powerful fiscal tool” necessary for building infrastructure, generating revenue, and protecting Nigeria’s vulnerable citizens.

“The 10th House and indeed the National Assembly have consistently affirmed that, in the face of pressing developmental needs, strategic and responsible borrowing is an essential fiscal tool,” Abbas stated.

According to him, borrowing under Tinubu’s leadership has been targeted and transparent, aligning with Nigeria’s Medium-Term Debt Strategy and international best practices.

He stressed that borrowed funds are being channelled into transformative sectors such as power, transport, and agriculture, rather than being used for recurrent expenditure.

“This is not borrowing for consumption,” Abbas noted. “It is for economic growth and poverty reduction.”

The Speaker also raised concerns about Nigeria’s financial losses due to corruption and illicit flows, stating that the country loses an estimated $18 billion annually — approximately 3.8% of GDP.

To address this, he said, strong oversight mechanisms and anti-corruption measures are being integrated into the borrowing process.

“Nigeria must leverage credit like any modern economy.

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But we will ensure strict oversight, plug leakages, and safeguard our economic future,” he concluded.