House Speaker Tajudeen Abbas: Reps stand with Tinubu’s borrowing plan, but prudence is key

Tajudeen Abbas, Speaker of the House of Representatives, has announced that the House has endorsed President Bola Ahmed Tinubu’s borrowing plan as part of efforts to address Nigeria’s pressing economic challenges. He explained that the decision followed extensive debates and careful evaluation of the proposal’s potential impact on the economy.

Tajudeen Abbas emphasized that the approval was not given casually but after due diligence. He pointed out that the funds would be directed toward key projects in infrastructure, power, education, and other vital sectors capable of spurring economic growth.

Tajudeen assured Nigerians that the National Assembly will maintain strict oversight to ensure transparency, accountability, and value for money in the execution of projects funded by the loans.

Tajudeen Abbas: Borrowing Must Be Matched with Fiscal Discipline

Tajudeen Abbas underscored the need for prudence, stressing that while borrowing can stimulate growth, reckless debt accumulation must be avoided. He noted that the government should only channel the funds into projects with measurable economic benefits.

Tajudeen explained that Nigeria’s debt profile requires careful management and emphasized the role of the Debt Management Office (DMO) in guiding the process. He said regular consultation between the executive and relevant agencies would be essential to prevent unsustainable debt.

Tajudeen maintained that the House is committed to ensuring that the loans do not become a liability for future generations but instead serve as a foundation for sustainable growth and national development.

Tajudeen Abbas: Public Concerns Will Be Addressed Through Oversight

Tajudeen Abbas acknowledged the mixed reactions from Nigerians regarding the borrowing plan. While some citizens are worried about increasing debt, others see the loans as a necessity to bridge infrastructure and funding gaps.

Tajudeen reiterated that the National Assembly will not abandon its oversight role. He assured Nigerians that lawmakers will follow up on the disbursement and application of the loans to guarantee effective implementation.

Tajudeen concluded by urging Nigerians to show patience, noting that the true impact of the borrowing plan will only become visible when projects are completed and begin contributing to the economy.