{"id":122414,"date":"2025-09-22T21:30:26","date_gmt":"2025-09-22T20:30:26","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=122414"},"modified":"2025-09-22T21:30:26","modified_gmt":"2025-09-22T20:30:26","slug":"reps-back-tinubus-borrowing-spree-abbas","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/reps-back-tinubus-borrowing-spree-abbas\/","title":{"rendered":"Reps Back Tinubu\u2019s Borrowing Spree\u2013 Abbas"},"content":{"rendered":"<div style=\"text-align: justify;\">By racy Moses<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, has affirmed that the legislature fully supports President Bola Tinubu\u2019s borrowing policy, describing it as an essential mechanism for advancing infrastructure and accelerating national growth.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Abbas gave the assurance in Abuja on Monday while delivering the keynote address at the 8th Annual African Network of Parliamentary Budget Offices (AN-PBO) Conference, organised by the National Assembly in collaboration with the National Assembly Budget and Research Office (NABRO). The conference was themed \u201cThe Role of PBOs in African Parliaments\u2019 Fiscal Oversight: Contribution to the African 2063 Development Agenda.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">His comments followed recent reports implying that lawmakers were against the administration\u2019s debt plans. The misunderstanding arose after remarks delivered on his behalf by House Leader, Prof. Julius Ihonvbere, at the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC), where concerns were expressed over Nigeria\u2019s rising debt stock, which has hit 52 per cent of GDP, surpassing the statutory ceiling of 40 per cent.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Addressing the issue, Abbas said his position had been taken out of context. He stressed that the House is not opposed to borrowing but is focused on ensuring that every loan is transparently acquired, prudently managed, and applied to projects that will grow the country\u2019s productive base.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cA speech delivered by the House Leader at the West Africa Parliamentary Conference was mischievously reported out of context, creating the wrong impression that the House of Representatives rejects President Tinubu\u2019s borrowing plan. Such an interpretation is inaccurate and misleading,\u201d he explained.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Speaker maintained that borrowing, when carefully handled, is a globally recognised fiscal tool to fund critical infrastructure, energise the economy, and safeguard vulnerable citizens. He further stated that President Tinubu had given assurances that future loans would conform to Nigeria\u2019s medium-term debt framework and international benchmarks. He added that current borrowings are already being directed at key sectors such as power, transportation, and agriculture, which are expected to expand revenue and tackle poverty.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThe House is solidly behind the President\u2019s vision of deploying judicious borrowing as a catalyst for development and poverty alleviation, while we strengthen parliamentary oversight,\u201d Abbas emphasised.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">On Africa\u2019s broader economic realities, Abbas expressed concern that Nigeria alone loses about $18 billion annually to financial crimes, representing nearly 3.8 per cent of its GDP. He said the losses across Africa are estimated at $587 billion every year, driven by corruption, illicit financial flows, and systemic inefficiencies.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He cautioned that such leakages are crippling Africa\u2019s ability to provide quality social services, adding that if the resources were properly harnessed, they could transform education, healthcare, and other vital sectors.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Highlighting Nigeria\u2019s pivotal role, Abbas observed that Africa, with 1.4 billion people, around one-sixth of the global population, is at a defining moment. With a GDP of $477 billion in 2022 and over 200 million citizens, Nigeria, he noted, must assume a leadership role in shaping the continent\u2019s trajectory. Yet, widespread poverty persists, with 464 million Africans in extreme deprivation, while high youth unemployment threatens social stability. Each year, 12 million young Africans join the workforce, but only 3 million jobs are created, leaving a troubling gap that could yield either a demographic advantage or crisis.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In a goodwill message, the Chairperson of AN-PBO, Professor Dumisani Jantjies, commended Nigeria for pushing ahead with key macroeconomic reforms, which saw the economy post 3.4 per cent growth in 2024, the best in a decade. However, he warned that inflationary pressures and widespread poverty remain daunting hurdles.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Jantjies also pointed out that African economies remain highly vulnerable to global disruptions, from volatile capital flows to climate change. He underlined the importance of Parliamentary Budget Offices in safeguarding fiscal discipline and providing legislators with objective, evidence-based analysis to strengthen governance.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cParliamentary Budget Offices have become indispensable to promoting transparency, accountability, and aligning public resources with Africa\u2019s long-term development aspirations,\u201d he said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The conference attracted lawmakers, economic experts, and policy analysts from across the continent to explore how parliaments can play a stronger role in advancing the African Union\u2019s Agenda 2063, the roadmap for \u201cthe Africa we want.\u201d<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By racy Moses The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, has affirmed that the legislature fully supports President Bola Tinubu\u2019s borrowing policy, describing it as&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":121887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-122414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reps Back Tinubu\u2019s Borrowing Spree\u2013 Abbas - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/reps-back-tinubus-borrowing-spree-abbas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reps Back Tinubu\u2019s Borrowing Spree\u2013 Abbas - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"By racy Moses The Speaker of the House of Representatives, Rt. 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