Nigeria’s lawmakers are signaling confidence in the federal government’s use of loans as a pathway to recovery, with Speaker of the House of Representatives Tajudeen Abbas calling debt a “strategic necessity” for building infrastructure and lifting citizens out of poverty.
Speaking in Abuja at the 8th African Network of Parliamentary Budget Offices (AN-PBO) Conference, Abbas argued that every modern economy occasionally leans on credit to accelerate development, and Nigeria should be no exception.
Rather than focusing on reports of political disagreement over borrowing, Abbas emphasized outcomes: power projects, new transport corridors, and agricultural investments meant to expand the nation’s revenue base. He insisted such projects will “pay for themselves” over time, provided oversight remains strict.
Abbas also warned that Nigeria’s biggest threat is not borrowing itself but financial leakages, noting that illicit flows and corruption drain an estimated $18 billion each year — funds that could otherwise finance development.
To address accountability, the National Assembly has established the Budget and Research Office (NABRO), designed to give lawmakers independent evaluations of debt sustainability and fiscal policy before approving government proposals.
“Loans are not the enemy,” Abbas said. “Poor management is. What we’re building now is a culture where borrowing supports growth, reduces poverty, and strengthens institutions.”
By linking debt to reforms and transparency, the Speaker framed borrowing not as a burden, but as a tool Nigeria must learn to wield wisely in pursuit of long-term stability.
