ABUJA-Speaker of the House of Representatives, Abbas Tajudeen, has said the Green Chamber was firmly behind President Bola Tinubu’s borrowing strategy, describing it as an indispensable tool for Nigeria’s economic growth and poverty reduction.

Tajudeen, who stated this at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, in Abuja yesterday, dismissed reports suggesting that the House opposed Tinubu’s borrowing plans, calling them “mischievous and misleading.”

He said:  “Recently, a speech delivered by the House Leader at the West African Parliamentary Conference, WAPC, was erroneously and mischievously reported out of context, creating the false impression that the House of Representatives does not support the borrowing strategy of President Bola Ahmed Tinubu’s administration.

‘’We wish to state clearly that this interpretation is both inaccurate and misleading.  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.

‘’Like every modern economy, Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations. What is important and what the President has assured is that all borrowing remains targeted, transparent, and sustainable, consistent with Nigeria’s Medium-Term Debt Strategy and guided by global best practices.’’

The speaker said the 10th House and, indeed, the National Assembly, fully recognised the need for borrowing to fund critical infrastructure, stimulate growth, and protect vulnerable populations.

“Under President Tinubu’s leadership, borrowed funds are being channelled towards transformative projects that will expand revenue-generating capacity, such as power, transport, and agriculture, rather than for consumption.

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

“In the face of pressing developmental needs, strategic and responsible borrowing is an essential fiscal tool. Like every modern economy, Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations,” he said.

He assured Nigerians that President Tinubu’s borrowing is guided by prudence and global best practices, adding that the funds are being targeted at transformative projects.

The speaker also highlighted the establishment of the National Assembly Budget and Research Office, NABRO, as a major reform to provide independent analysis on borrowing, debt sustainability and fiscal policy.

He maintained that while borrowing was necessary, plugging leakages through corruption and illicit financial flows was equally critical.

According to him, Nigeria loses about $18 billion annually to financial crimes, roughly 3.8% of GDP.

He noted that responsible borrowing, combined with strict oversight and anti-corruption reforms, would safeguard Nigeria’s economic future.