Speaker of the House of Representatives, Tajudeen Abbas, on Monday called for responsible public borrowing to support economic growth, as African countries face rising debt burdens. His remarks came at the opening of the 8th Annual Conference of the African Network of Parliamentary Budget Offices (AN-PBO) in Abuja, where he was also named Patron of the Network.

Abbas said public debt, if managed prudently, can act as a driver of development rather than a constraint. He stressed that borrowings should be strategic, targeted, and directed towards infrastructure and other sectors with long-term benefits.

He cited President Bola Tinubu’s assurances that borrowing under his administration would remain sustainable and transparent, with parliamentary oversight to ensure funds are applied to critical areas such as power, transport, and agriculture.

“President Bola Ahmed Tinubu, GCFR, has assured the National Assembly of sustainable and transparent borrowings under his leadership. The 10th House fully supports this vision—ensuring that every borrowing is strategic, targeted, and channelled towards transformative projects in power, transport, agriculture, and other critical sectors,” he said.

Nigeria’s public debt rose above 87 trillion naira (about £40 billion) in 2024, according to official data. Abbas noted that stronger oversight is needed to ensure value for money. He said parliament is tightening procurement laws and advancing the establishment of the National Assembly Budget and Research Office (NABRO), an independent body to provide non-partisan analysis.

He pointed to corruption and inefficiencies in procurement processes across Africa, which cost Nigeria alone an estimated $18 billion (£14 billion) each year. These funds, he said, could be redirected to improve essential infrastructure and services in areas such as health, education, and transport across the continent.

Abbas said the objective is to ensure public resources translate into improved living standards, with more jobs, better services, and greater accountability. He urged African lawmakers to strengthen collaboration and innovation to address debt challenges collectively.

“The journey is tough, but through accountability, innovation, and collective effort, it is achievable,” Abbas said.