The House of Representatives has thrown its weight behind President Bola Tinubu’s borrowing plan, describing it as a necessary tool for driving growth and development.
LensNews gathered that Speaker Tajudeen Abbas made the clarification in Abuja during the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, countering media reports that suggested lawmakers were opposed to the borrowing strategy.
Abbas insisted that borrowing, when done strategically and transparently, remains vital for addressing Nigeria’s pressing developmental needs. He explained that funds raised through borrowing will be channelled into key sectors such as power, transport, and agriculture, with the aim of boosting productivity, creating jobs, and reducing poverty.
He stressed, however, that oversight is crucial to ensure accountability. “We must avoid financial leakages and corruption. Borrowed funds should never be wasted on consumption but must be invested in transformative projects,” Abbas said.
The Speaker reaffirmed that the 10th House, in collaboration with the National Assembly, remains committed to ensuring that borrowing is managed responsibly and tied to long-term growth.
