‘I Never Condemned FG’s Borrowing’

‘I Never Condemned FG’s Borrowing’ – Speaker Abbas
He said debt can support growth if managed prudently with oversight and transparency.
His office stressed Nigeria met 2025 revenue targets without reliance on new loans.

The Speaker of the House of Representatives, Tajudeen Abbas, has refuted reports claiming he condemned the Federal Government’s borrowing, insisting that his remarks were misrepresented by mischief makers.

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EKO HOT BLOG reports that in a statement issued on Monday by his Special Adviser on New Media, Jowosimi Enitan, Abbas clarified that his submission was not an outright rejection of public debt but a call for responsible management. He explained that if properly utilized, borrowing remains a legitimate tool for driving growth and development.

Earlier in the day, Abbas was quoted during the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja as raising concerns over Nigeria’s rising debt profile. Represented at the event by lawmaker Babatunde Salam, the Speaker had noted that Nigeria’s total public debt stood at ₦149.39 trillion (about $97 billion) as of the first quarter of 2025, with the debt-to-GDP ratio at 52 percent—above the 40 percent statutory ceiling.

He had described the situation as a “structural crisis” that required urgent parliamentary action and reforms. However, hours later, his office clarified that he did not condemn borrowing but emphasized the need for oversight, transparency, and accountability in debt management.

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

The Speaker’s office also highlighted that under President Bola Tinubu’s leadership, Nigeria has met its 2025 revenue target ahead of schedule without relying on new borrowings. Abbas described this as proof that the country can gradually reduce dependence on external loans through disciplined fiscal policies and stronger non-oil revenue generation.

Enitan further stressed that the Speaker’s position was a call for parliament to fulfill its constitutional duty by safeguarding Nigeria’s financial future.

FG's Borrowing – Speaker Abbas — FG’s Borrowing – Speaker Abbas

“This is about accountability and ensuring public debt results in real development roads, schools, hospitals, and innovation,” he added.

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