House Backs Tinubu’s Borrowing Strategy as Crucial for Growth and Poverty Reduction

The Speaker of the House of Representatives, Abbas Tajudeen, has reiterated the House’s endorsement of President Bola Tinubu’s borrowing strategy, calling it crucial for driving economic growth and reducing poverty.

He made the statement on Monday in Abuja during the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, dismissing reports that the House opposed the plan as “mischievous and misleading.”

Abbas emphasized that the National Assembly recognises the importance of responsible borrowing to fund essential infrastructure, stimulate growth, and support vulnerable populations. He noted that Tinubu’s administration is focusing borrowed funds on transformative projects in sectors such as power, transport, and agriculture, rather than on routine consumption.

The Speaker highlighted that the borrowing strategy is guided by prudence, transparency, and global best practices under Nigeria’s Medium-Term Debt Strategy. He also pointed out that the National Assembly is strengthening oversight mechanisms to ensure the sustainability of public finances.

As part of ongoing reforms, Abbas cited the creation of the National Assembly Budget and Research Office (NABRO), which provides independent analysis on borrowing, debt sustainability, and fiscal policy.