Tinubu who works assiduously to generate responsible loans to face the public debt of Nigeria – Speaker Abbas

Tinubu who works assiduously to generate responsible loans to face the public debt of Nigeria – Speaker Abbas

Abuja (basic reporter) The rapporteur of the Chamber of Representatives RT. Hon. Abbas Tajudeen, said President Bola Ahmed Tinubu, GCFR, is working assiduously to face Nigeria’s public debt through a non -oil entrance guide.

This also as a speaker observed that public debt, if well used, can generate growth and development in any country.

He said that Nigeria could take advantage of the loan responsible for sustainable development, as demonstrated by the Tinubu Administration.

“In fact, the public debt, if managed with caution, can be a tool for growth and prosperity. However, if left uncontrolled, it becomes a weight that erodes economic stability and threatens the well -being of future generations,” observed the supervisor Abbas.

The speaker said that during the delivery of his Keynote address in Abuja on Monday at the inauguration of the eleventh annual conference and of the General Assembly of the West Africa Association of Public Account Committees (Waapac). It was represented to the event by the leader of the Chamber, Prof. Julius Ihonvbere.

The Committee of the Camera Public Councils, with the support of Waapac and international development partners, organized the event with the theme “strengthening the parliamentary supervision of the public debt: the role of financial committees and public accounts”.

A declaration of the special consultant for the media and advertising to the speaker, Musa Abdullahi Krishi, observed that the supervisory observations were not a call to reject the final loan but reflected a responsible approach to debt management, which guarantees that the loan translates into a real value for the Nigerians.

This, notes the declaration, aligns exactly to the renewed agenda of the hope of President Bola Ahmed Tinubu, which gives priority to the tax discipline, the prudent management of resources and to the canalization of funds in critical areas such as infrastructures, education, green energy and social well -being.

Last week, President Tinubu announced during a meeting with the interested parties of the Buhari organization in Abuja, Nigeria, had achieved his revenue goal for 2025 earlier than expected and would no longer be entrusted to the loan to finance his budget.

The president also stated that the non -oil revenues of his administration have sold enough to meet this year’s projections by August, reducing Nigeria dependence on external loans.

“Today I can stay here in front of you to boast you: Nigeria is not borrowing. We have achieved our revenue goal for the year and we met it in August,” said the president.

At the Waapac event, the speaker underlined the “need for stronger supervision, transparent loan practices and a collective determination to ensure that tangible economic and social returns correspond to each Naira borrowed”.

He added: “When we examine the sources of the external funding of Africa, it becomes clear that the weight of the debt in our continent is modeled from which we borrow from and on what terms. Today, Western private financiers hold about 35 % of the government debt of Africa through banks, patrimonial managers and oil traders.

“Multilateral institutions, such as the World Bank and the IMF, represent another 39 percent, while the bilateral loans of other governments represent 13 percent. Chinese creditors, despite most of the public debate, hold only 12 percent.

“To put it on fire in more clear, in 2019, the only bondholders represented 27 percent of the external debt of Africa, making them the single largest group of creditors, in view of China at 13 percent.”

Speaker Abbas has declared that if Africa has to become stronger, countries should not only negotiate loan more equitable terms, but also rethink their dependence on external finance.

“We must channel more energy into the mobilization of internal resources, promote intra-African trade and create financial instruments that serve the development priorities of the continent. Only then can we go from vulnerability to resilience and dependence on true economic sovereignty,” he said.

The speaker said that the conference could not have come in a more appropriate moment, “since our nations face growing tax pressures that require greater legislative supervision of public debt and loans”.

He also observed that the theme “speaks directly of the urgency to safeguard our financial future”, underlining that “he goes to the heart of democratic governance and sustainable development”.

Speaker Abbas said: “Therefore, public debt supervision is a democratic duty and a moral responsibility of the legislator. Our parliaments must guarantee that every loan decision reflects the prudence, transparency and collective interest of our citizens.

While noting that the implications of this debt structure are of large -reaching, the speaker has said that “a significant share of our national revenues is linked to the service of debt rather than being invested in the things that our people need most: roads, schools, hospitals and innovation”.

He added that the high cost of commercial loans, combined with the burden of reimbursement of foreign currencies, leaves many African economies vulnerable to market shocks. “This narrows the tax space, limits internal political choices and slows down the rhythm of sustainable development,” he said.