…endorses Tinubu’s borrowing strategy
By Gift ChapiOdekina, Abuja
Speaker of the House of Representatives, Rep. Abbas Tajudeen, has urged African parliaments to strengthen fiscal oversight, plug financial leakages, and adopt modern technology in budget scrutiny, warning that corruption and illicit financial flows are draining billions of dollars needed for development across the continent.
Delivering the keynote address at the opening of the 8th African Network of Parliamentary Budget Offices (AN-PBO) Conference in Abuja on Monday, Abbas said Africa, with its 1.4 billion people, stands at a “crucial crossroads” and must align government budgets with the continent’s aspirations under the African Union’s Agenda 2063.
He expressed concern that Africa loses more than $587 billion annually to capital flight and illicit financial flows, while Nigeria alone loses about $18 billion each year to procurement fraud—roughly 3.8 per cent of its GDP.
“These are funds that should be building roads in Lagos, equipping hospitals in Nairobi, or improving schools in Accra. Instead, they vanish,” Abbas lamented.
The Speaker also defended Nigeria’s borrowing strategy, clarifying that the House of Representatives fully supports President Bola Ahmed Tinubu’s approach when applied responsibly.
He dismissed media reports suggesting otherwise as “inaccurate and misleading,” stressing that strategic borrowing remains essential to finance infrastructure, stimulate growth, and protect the vulnerable.
“Under President Tinubu’s leadership, borrowed funds are being channelled towards transformative projects in power, transport, and agriculture—not for consumption. The House stands firmly behind this vision,” Abbas said.
He outlined legislative reforms designed to entrench transparency, including the establishment of the National Assembly Budget and Research Office (NABRO), which will provide lawmakers with independent budget analysis and economic forecasts.
“NABRO will rival, and perhaps exceed, the U.S. Congressional Budget Office in credibility and capacity,” he assured, noting that the bill has passed the House and is awaiting Senate concurrence.
Further reforms, according to Abbas, include strengthening fiscal responsibility laws, empowering Public Accounts Committees, reforming procurement processes, and training lawmakers in economic analysis.
He urged African parliaments to deploy artificial intelligence, blockchain, and digital platforms in budget scrutiny, citing examples from Estonia and South Korea where technology has curbed corruption and boosted accountability.
“In Nigeria’s National Assembly today, it is still common for MDAs to dump mountains of documents to confuse committees. AI can scan thousands of pages in minutes, flagging anomalies that would otherwise go unnoticed,” he said.
Abbas stressed the importance of collaboration among African parliaments through the AN-PBO, calling for data sharing, harmonised revenue forecasting tools, and joint efforts against tax evasion and illicit financial flows.
“No country can achieve fiscal transparency in isolation. Stronger oversight in one African nation benefits the whole continent,” he noted.
Declaring the conference open, Abbas accepted his role as Patron of the AN-PBO Network and pledged Nigeria’s commitment to regional cooperation on parliamentary fiscal reforms.
“Our pursuit of accountability and development will be challenging but possible through determined action and collective effort,” he concluded.
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