The Speaker of the House of Representatives, Abbas Tajudeen, has expressed concerns over Nigeria’s rising debt profile, warning that the country has exceeded its statutory threshold and now faces a serious threat to fiscal sustainability.
Speaking on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja, Abbas said Nigeria’s debt under President Bola Tinubu had reached “a critical point” and called for urgent reforms in borrowing practices and parliamentary oversight.
He described the breach of the debt limit as “a signal of strain on fiscal sustainability,” stressing the need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that every naira borrowed delivers tangible economic and social returns.
Abbas also cautioned that several African countries are already spending more on debt servicing than on healthcare and essential services.
To address the growing fiscal risks, Abbas announced that Nigeria would spearhead the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC.
The framework, he explained, will harmonise debt reporting across the sub-region, set transparency standards, and empower parliaments with timely data to scrutinise borrowing practices.
He also unveiled plans for a regional capacity-building programme for Public Accounts and Finance Committees, equipping lawmakers with modern tools for debt sustainability analysis and fiscal risk assessment.
While emphasising that borrowing should not be reckless, Abbas insisted that loans must be tied to developmental goals.
The Speaker reiterated the 10th House’s commitment to accountability, saying that under its Open Parliament policy, major borrowing proposals would be subjected to public hearings, while simplified debt reports would be made available to citizens.
“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from N121.7 trillion the previous year, underscoring how quickly the burden has grown. Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 percent, well above the statutory ceiling of 40 percent set by our own laws.
“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform.
“Borrowing should support infrastructure, health, education, and industries that create jobs and reduce poverty. Reckless debt that fuels consumption or corruption must be exposed and rejected. Oversight is not just about figures, but about the lives and futures behind those figures,” Abbas added.
The conference, attended by parliamentarians from across West Africa, development partners, and financial experts, is focusing on the theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”
Abbas urged participants to approach deliberations with dedication, noting that the resolutions of the gathering would help strengthen fiscal responsibility and accountability across the continent
