Abbas Tajudeen, the Speaker of Nigeria’s House of Representatives, has raised serious concerns about the country’s escalating debt levels, pointing out that the current borrowing has exceeded the legal limits set by Nigerian law, posing a significant threat to the nation’s financial stability.
Speaking at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) held at the National Assembly in Abuja, Abbas stressed that Nigeria’s debt situation has become critically unstable. He called for urgent reforms in borrowing practices and stronger oversight frameworks.
“By the first quarter of 2025, Nigeria’s total public debt reached N149.39 trillion, roughly US$97 billion. This is a sharp rise from N121.7 trillion recorded the previous year, highlighting the rapid growth of the debt burden.
“Even more alarming is the debt-to-GDP ratio, which now stands at approximately 52 percent, surpassing the statutory ceiling of 40 percent mandated by Nigerian legislation.”
He described this breach of the debt limit as a clear sign of fiscal distress, underscoring the pressing need for greater transparency, stricter borrowing regulations, and a collective resolve to ensure that every naira borrowed translates into tangible economic and social progress.
Abbas pointed out that many African countries are facing similarly dangerous debt-to-GDP ratios, where the cost of servicing debt exceeds spending on essential sectors like healthcare and public services.
“This challenge goes beyond simple budgetary issues; it represents a systemic crisis demanding immediate legislative action and coordinated policy reforms,” he declared.
To address these fiscal challenges, Abbas announced Nigeria’s plan to lead the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC’s guidance.
This framework will aim to harmonize debt reporting standards across the region, set clear transparency criteria, and provide lawmakers with timely, accurate information to effectively supervise borrowing activities.
Furthermore, the Speaker revealed intentions to initiate a regional capacity-building program for Public Accounts and Finance Committees, aimed at strengthening members’ skills in assessing debt sustainability and managing fiscal risks.
Abbas warned against reckless borrowing, emphasizing that loans must be strategically allocated to bridge critical infrastructure gaps.
“Debt should support sectors such as infrastructure, healthcare, education, and industries that create jobs and reduce poverty. Borrowing that only fuels consumption or corruption must be identified and stopped. Oversight is not just about numbers-it’s about safeguarding the welfare and future of our people,” he stressed.
Reaffirming the 10th House’s commitment to openness, the Speaker noted that under the Open Parliament initiative, major borrowing proposals will be subjected to public hearings, and simplified debt reports will be made accessible to citizens.
The conference brought together parliamentarians from across West Africa, alongside development partners and financial experts, under the theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”
Abbas urged all attendees to participate actively in the discussions, emphasizing that the conference’s outcomes will be pivotal in enhancing fiscal discipline and accountability across the continent.
