Nigeria’s House of Representatives may face heated debates as lawmakers prepare to deliberate on President Tinubu’s proposed $2.2 billion loan, sparking controversy over national debt.
This week, a confrontation is expected in the House of Representatives between lawmakers from the ruling party and their opposition counterparts regarding President Bola Tinubu’s $2.2 million (N1.77 trillion) loan request.
The Deputy Spokesperson of the House, Mr. Philip Agbese, has stated that the Green Chamber will easily approve President Bola Tinubu’s request for external borrowing.
President Tinubu’s loan request was included in a letter sent to parliament, which was read by the Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary session.
The President stated that, if approved, the loan would cover the N9.7tn deficit in the 2024 budget.
The Senate has already approved the loan request, and the House is expected to debate it before granting approval later in the week.
The Benue lawmaker, who also serves as the Deputy Chairman of the Committee on Media and Publicity, provided reasons why the House would readily follow the Senate’s lead in approving the President’s request for external borrowing to address the budget deficit.
He believes that the House will approve the loan request, provided it is intended for carrying out capital projects nationwide, as outlined in the letter sent to the National Assembly by the President.
“The government under Tinubu’s leadership has managed our resources wisely. We will promptly approve the loan request,” he stated, noting that it would be processed according to established procedures.
“The relevant Standing Committees have begun reviewing the loan request prior to its consideration by the House. I assure Nigerians that, as their representatives, we will follow strict standard procedures in addressing this matter,” he stated.
Despite Nigeria’s total public debt reaching N136 trillion, Agbese defended the President’s proposal to secure additional loans by stating, “The significant investment in critical infrastructure by the current government is commendable. We have observed financial strategies from the Honourable Minister of Finance and the Accountant General’s Office that are focused on protecting taxpayers’ resources.”
He mentioned that, similar to previous approvals by the parliament which involved thorough consultation with relevant stakeholders and experts, “This situation will be no different.”
Regarding the changes since the current administration of All Progressives Congress took office, Agbese, representing Ado/Ogbadibo/Okpokwu Federal Constituency in Benue State, observed that “the executive is improving our budget system by refining priorities.”
He claimed that “it might be close to the truth that previous administrations used foreign loans for short-term expenses,” but emphasized, “the 10th parliament is performing its oversight duties to ensure every dollar serves the best interests of our citizens.”
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In response to an exclusive report by The PUNCH, which quoted several lawmakers suggesting that certain state governors seemed to have softened their firm stance on Tinubu’s tax reform bill currently under parliamentary review, the lawmaker noted that this change may be attributed to the persistence of legislators.
Many governors are taking this step because they recognize the parliament’s commitment to acting in the best interest of Nigerians. This is what happens when patriotism takes precedence over personal and selfish interests held by a select few.
He added, “Under the leadership of Rt Hon Tajudeen Abass, the House of Representatives has achieved something unprecedented and is receiving commendation from Nigerians. Undoubtedly, our strategy to simultaneously invite both key figures in Nigeria’s tax reforms and our own experts has completely changed the narrative in the country.”
Subtly criticizing former Vice President Atiku Abubakar, who in July labeled the National Assembly as an enabler of executive recklessness, Agbese remarked that Nigerians “don’t take him seriously. Therefore, the parliament isn’t concerned about his opinion—which was likely expressed from abroad or perhaps somewhere in Dubai.”
The politician’s sole electoral victory occurred when a southern candidate carried him as a running mate. His primary focus on Nigeria seems to be limited to upcoming elections.
The legislator assured Nigerians that if approved, the loan would be used for its intended purpose, stating that “The House of Representatives will make certain these funds are not misappropriated. We recognize that the President’s goal is to revitalize key institutions for maximum efficiency and provide durable infrastructure.”
