Reps Speaker Abbas Makes U-Turn, Says Tinubu’s Loan Is Good for Nigeria

On Monday, while speaking at the opening session of the annual conference and general assembly of the West Africa Association of Public Accounts Committees (WAAPAC), Abbas highlighted that public debt can serve as a growth driver if well-managed but becomes dangerous when left unchecked.

Abbas, who was represented by Julius Ihonvbere, the House Majority Leader, cautioned against misuse of borrowed funds. He stressed that “reckless debt that fuels consumption or corruption must be exposed and rejected”.

He further noted that parliaments have a duty to ensure fiscal responsibility, stating that “every borrowing decision reflects prudence, transparency, and the collective interest of our citizens”.

However, in a follow-up statement, Musa Krishi, the Special Adviser on Media and Publicity to Abbas, clarified that the Speaker was not calling for an outright rejection of borrowing but advocating responsible debt management.

According to Krishi, Abbas explained that when utilised wisely, public debt can drive development and that Nigeria could emulate this approach under President Bola Tinubu’s administration.

Krishi emphasised that Abbas’ comments “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”.

He added that Abbas’ position “aligns squarely with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises fiscal discipline, prudent resource management, and directing funds into key sectors such as infrastructure, education, green energy, and social welfare”.

Krishi also referenced a recent meeting between Tinubu and the Buhari Organisation in Abuja, where the president announced that Nigeria had exceeded its 2025 revenue target and would no longer borrow to finance government spending.

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