Lawmakers Backs Tinubu Borrowing Plan

The House of Representatives has thrown its support behind President Bola Tinubu’s plan to borrow funds, saying the move is central to building infrastructure and boosting the economy.

The declaration came during the African Network of Parliamentary Budget Offices Conference held in Abuja.

The issue came under public attention after claims circulated that lawmakers had rejected the borrowing strategy. The Speaker of the House, Abbas Tajudeen, made it clear that the legislature is not opposed to borrowing but is in favour of loans that are carefully structured and directed toward projects that can grow national revenue.

The borrowing plan, according to the leadership of the House, will be guided by transparency and sustainability. It will focus on key sectors such as power, agriculture, and transport, with the goal of driving growth, creating jobs, and reducing poverty. The funds are not intended for recurrent spending but for projects that can generate long-term benefits.

Attention was also drawn to the problem of financial crimes draining national resources. Nigeria loses billions of dollars each year to corruption, fraud, and illicit financial flows. These losses weaken the country’s ability to invest in schools, hospitals, and infrastructure, while across the continent, many economies continue to face the same challenge.

The Speaker noted that Nigeria’s size and population place it at the centre of Africa’s future. He explained that if loans are properly managed, they can expand opportunities for young people, tackle widespread poverty, and boost the nation’s ability to compete globally.

At the same gathering, the Chairperson of the African Network of Parliamentary Budget Offices, Professor Dumisani Jantjies, pointed to recent reforms in Nigeria that lifted economic growth to its highest point in a decade. He cautioned, however, that poverty and inflation remain serious concerns that must be addressed even as reforms continue.

The conference brought together lawmakers and experts from across Africa to discuss how budget offices can strengthen transparency and accountability in government spending. The consensus was that responsible borrowing, paired with strict oversight, remains essential for the continent’s economic future.