The Speaker of the House of Representatives, Tajudeen Abbas, has declared that the Green Chamber fully supports President Bola Tinubu’s borrowing plan, dismissing reports suggesting otherwise.

Abbas made this known on Monday in Abuja at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, where he described claims that the House opposed Tinubu’s borrowing strategy as “mischievous and misleading.”

“Recently, a speech delivered by the House Leader at the West African Parliamentary Conference (WAPC) was taken out of context, creating the false impression that the House of Representatives does not support the President’s borrowing strategy. This interpretation is inaccurate and misleading,” he said.

The Speaker explained that, like every modern economy, Nigeria must occasionally rely on credit to finance critical infrastructure, stimulate growth, and protect vulnerable citizens.

He stressed that the 10th House and the National Assembly at large have consistently affirmed that strategic and responsible borrowing is an essential fiscal tool, provided it remains transparent, targeted, and sustainable.

According to him, under Tinubu’s leadership, loans are being channelled towards transformative projects in power, transport, and agriculture sectors that would expand Nigeria’s revenue base rather than fund consumption.

“The House stands firmly behind the President’s vision of using judicious borrowing as a catalyst for growth and poverty reduction, while also strengthening oversight mechanisms,” Abbas added.

He further highlighted reforms such as the creation of the National Assembly Budget and Research Office (NABRO), designed to provide independent analysis on debt sustainability and fiscal policy.

However, Abbas cautioned that borrowing alone would not solve Nigeria’s fiscal challenges, insisting that curbing corruption and illicit financial flows must complement prudent debt management.

He noted that Nigeria loses about $18 billion annually, approximately 3.8 per cent of GDP, to financial crimes.

The Speaker concluded that responsible borrowing, combined with strong oversight and anti-corruption measures, would safeguard Nigeria’s economic future.