Speaker of the House of Representatives, Tajudeen Abbas, has clarified his comments on Nigeria’s borrowing practices, saying his position aligns with President Bola Tinubu’s efforts to manage and reduce the country’s debt profile.
Gatekeepers News reports that Abbas had spoken on Monday at the opening of the annual conference of the West Africa Association of Public Accounts Committees (WAAPAC), where he warned that while public debt can spur growth, unchecked borrowing “becomes a burden that erodes economic stability and threatens the welfare of future generations.”
Represented at the event by House Majority Leader Julius Ihonvbere, Abbas stressed that:
“Reckless debt that fuels consumption or corruption must be exposed and rejected.”
He added that parliaments must ensure borrowing decisions reflect “prudence, transparency, and the collective interest of our citizens.”
In a statement on Tuesday, Abbas’ media aide, Musa Krishi, said the speaker’s remarks were not a call to reject borrowing outright but to encourage responsible debt management.
“The speaker emphasised that public debt, if well utilised, can engender growth and development in any country,” Krishi noted. “His position was that Nigeria can leverage responsible borrowing for sustainable development, as demonstrated by the Tinubu administration.”
Krishi said Abbas’ comments “align squarely with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises fiscal discipline, prudent resource management, and channelling funds into critical areas like infrastructure, education, green energy, and social welfare.”
He also cited Tinubu’s recent meeting with the Buhari Organisation in Abuja, where the president announced that Nigeria had surpassed its 2025 revenue target and would no longer rely on borrowing to fund government spending.
At the WAAPAC event, Abbas further highlighted the need for robust oversight, transparency, and accountability in managing loans.
“Every naira borrowed must yield tangible economic and social returns,” he said.
