Abbas makes u-turn on comment condemning borrowing, demands transparency

Abbas makes u-turn on comment condemning borrowing, demands transparency

The Speaker of the House of Representatives, Tajudeen Abbas has called for transparency and accountability in public borrowing, with effective oversight by the federal legislature.

This, according to him, would ensure that loans translate into real development in the areas or roads, schools, hospitals and other critical infrastructure.

The Speaker’s position on public borrowing was clarified on Monday night by his Special Adviser on New Media, Jowosimi Enitan.

The clarification became necessary following an earlier report quoting the Speaker to have condemned the rising borrowing by the federal government.

The said report had quoted the House Committee Chairman on Public Accounts, Rep Bamidele Salam who represented the Speaker at an official event earlier in the day.

Salam, who stood in for the Speaker at the conference of West Africa Association of Public Accounts Committees, had expressed concerns that Nigeria’s debt had reached “a critical point” and called for urgent reforms in borrowing practices and oversight.

“As of the first quarter of 2025, Nigeria’s total public debt stood at N149.39tn, equivalent to about $97bn.

“Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 percent, well above the statutory ceiling of 40 percent set by our own laws.

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“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” the representative of the Speaker was quoted as saying.

In a swift rebuttal, however, by the Speaker’s aide, he said there was misrepresentation of the statements attributed to Abbas in the said report.

“Let it be known: oversight of public debt is a constitutional duty and a moral responsibility of parliament. This is about safeguarding Nigeria’s financial future, not playing to the gallery of mischief-makers,” the aide said.

Enitan further clarified that the Speaker never called for a blanket condemnation of borrowing, but that he supports responsible public debt when properly overseen.

“For the record, Speaker Abbas Tajudeen, never condemned borrowing.

“On the contrary, at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, where Speaker Abbas was duly represented by a PDP chieftain, MHR Bamidele Salam, made it clear that public debt, if managed prudently, can be a tool for growth and prosperity.

“The legislature’s role is to ensure that every Naira borrowed delivers tangible value to Nigerians.

“President Bola Tinubu, is already working assiduously to reduce reliance on borrowing through a robust non-oil revenue drive – proof of responsible fiscal management.

“For the first time in decades, Nigeria has met its 2025 revenue target ahead of schedule, without reliance on borrowing. This is proof that with discipline, focus, and courage, we can reduce dependence on external loans and secure our economic sovereignty.”

Abbas makes u-turn on comment condemning borrowing, demands transparency