I Was Misquoted! – Speaker Abbas Clears Air On FG Borrowing Controversy

The Speaker of the House of Representatives, Tajudeen Abbas, has refuted claims that he raised alarm or condemned the Federal Government’s borrowing.

In a statement released on Monday by his Special Adviser on New Media, Jowosimi Enitan, Abbas clarified that his comments were misrepresented by mischief-makers. He stressed that public debt, when properly managed, can serve as a powerful tool for national growth and development.

Earlier, during the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) held at the National Assembly, Abuja, Abbas—represented by lawmaker Babatunde Salam—was quoted as warning that Nigeria’s debt had reached a “critical point.”

He reportedly noted that as of the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion (about US$97 billion), with a debt-to-GDP ratio of roughly 52%, far above the statutory ceiling of 40%. He warned that the situation posed a major structural challenge requiring urgent parliamentary action and reforms.

However, in a swift clarification, Abbas insisted that he never called for an outright rejection of borrowing. Instead, he emphasized the need for prudence, oversight, and accountability to ensure that borrowed funds translate into tangible development.

“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing,” the statement read. “What he made clear at the WAAPAC conference is that public debt, when managed wisely, can drive growth and prosperity. The legislature’s duty is to make sure every naira borrowed delivers real value to Nigerians.”

The Speaker’s aide also highlighted that under President Bola Ahmed Tinubu’s administration, Nigeria achieved its 2025 revenue target ahead of schedule without relying on loans—evidence, he said, of responsible fiscal management and reduced dependence on borrowing.

He further stressed that Abbas’ position was not against debt itself but a call for stronger transparency, oversight, and accountability, ensuring funds are invested in infrastructure, schools, healthcare, and innovation.

“Let it be clear: oversight of public debt is not only a constitutional mandate but also a moral responsibility of parliament. This is about safeguarding Nigeria’s financial future—not playing into the hands of mischief-makers,” Enitan added.