Nigeria Borrowing Plan Gets House Support

The Speaker of the House of Representatives, Abbas Tajudeen, reaffirmed the House’s support for President Bola Tinubu’s borrowing strategy, stressing its importance for economic growth and poverty reduction. Speaking at the 8th Annual African Network of Parliamentary Budget Offices Conference in Abuja on Monday, Abbas dismissed reports that the House opposed the plan, calling such claims “mischievous and misleading.” He said the National Assembly recognizes the need for responsible borrowing to fund critical infrastructure, stimulate growth, and protect vulnerable populations.

Abbas noted that the Tinubu administration is using borrowed funds for transformative projects in key sectors—power, transport, and agriculture—rather than for consumption. He emphasized that the borrowing strategy is guided by prudence, transparency, and global best practices, as outlined in Nigeria’s Medium‑Term Debt Strategy. To ensure sustainability, the National Assembly is strengthening its oversight mechanisms.

A major reform in this area is the establishment of the National Assembly Budget and Research Office, which provides independent analysis on borrowing, debt sustainability, and fiscal policy. This development is expected to enhance the legislature’s capacity to monitor and evaluate the government’s borrowing activities.

Abbas’s statement comes as Nigeria continues to navigate economic challenges, with borrowing playing a crucial role in financing development projects and stimulating growth. While concerns have been raised about the sustainability of the country’s debt profile, the government maintains that its borrowing strategy aims to invest in critical infrastructure and human capital—essential for long‑term development. The National Assembly’s support underscores its commitment to working with the executive to achieve Nigeria’s economic goals. As the country advances its development agenda, the Assembly’s role in providing oversight and ensuring transparency in the borrowing process will be critical, and the new Budget and Research Office positions the legislature to contribute effectively to economic growth and development.