Abbas clarifies remark on FG borrowing, says Tinubu tackling debt burden

Tajudeen Abbas, speaker of the house of representatives, has clarified his remark on federal government borrowing.

On Monday, while speaking at the opening ceremony of the annual conference and general assembly of the West Africa Association of Public Accounts Committees (WAAPAC), Abbas said public debt can be a tool for growth, but when left unchecked, it becomes a burden that erodes economic stability and threatens the welfare of future generations.

Abbas, who was represented by Julius Ihonvbere, the house majority leader, said “reckless debt that fuels consumption or corruption must be exposed and rejected”.

He said parliaments must ensure that “every borrowing decision reflects prudence, transparency, and the collective interest of our citizens”.

In a statement, Musa Krishi, special adviser on media and publicity to Abbas, said the speaker emphasised that public debt, if well utilised, can engender growth and development in any country.

He said Abbas explained that Nigeria could leverage responsible borrowing for sustainable development as demonstrated by the President Bola Tinubu administration.

Krishi said Abbas’ remarks “were not a call to reject borrowing outright but reflected a responsible approach to debt management — one that ensures that borrowing translates into real value for Nigerians”. 

The media aide said Abbas’ remark “aligns 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 cited a recent meeting between Tinubu and the Buhari Organisation in Abuja, where the president said Nigeria has surpassed its 2025 revenue target and would cease borrowing to finance government spending.

Krishi said during the WAAPAC event, Abbas underlined the “need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed”.