The representatives of the Tinubu loan plan, insist on destination funds, the reduction of poverty

On Monday, the speaker of the room of representatives, Tajudeen Abbas, said that the green room is solidly behind the loan strategy of President Ahmed Tinubu, describing it as a “necessary tax tool” for economic growth and the reduction of poverty.

Speaking at the eighth annual conference of the African network of parliamentary budget offices (AN-PBO) in Abuja, Abbas rejected the reports that suggest that the Chamber had opposed the president’s loan plan, describing these statements as “nibbling and misleading”.

“Recently, a speech held by the Chamber leader at the West African parliamentary conference was mistakenly reported outside the context, creating the false impression that the Chamber of Representatives does not support the loan strategy of the administration of President Bola Ahmed Tinubu,” said Abbas. “We want to clearly declare that this interpretation is both inaccurate and misleading.”

According to the speaker, the tenth house and the national assembly recognize that in the face of the pressing development needs of Nigeria, the strategic and responsible loans are inevitable.

“Like any modern economy, Nigeria must sometimes exploit credit to finance critical infrastructures, stimulate growth and protect vulnerable populations. What is important-and what the president has ensured-is that all loans remain targeted, transparent and sustainable, consistent with the medium-term debt strategy and guided by the best global practices,” he explained.

Abbas stressed that the funds borrowed under the leadership of Tinubu were channeled into transformative projects in power, transport and agriculture that would have expanded the country’s revenue base rather than the consumption of funds.

He added that the National Assembly had strengthened the supervision mechanisms, in particular with the establishment of the National Assembly Budget and Research Office (Nabro), to provide independent analyzes on loans, sustainability of debt and tax policy.

During the defense of the loan plan, Abbas recognized that corruption and illegal financial flows must also be addressed to safeguard the future of Nigeria. He observed that the country loses about $ 18 billion a year – about 3.8 percent of GDP – to financial crimes.

“The responsible loan, combined with rigorous anti -corruption and anti -corruption reforms, will safeguard the economic future of Nigeria,” said the speaker.

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