The Speaker of the House of Representatives, Abbas Tajudeen, has raised alarm over Nigeria’s escalating debt burden, warning that the country has exceeded its statutory threshold.
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 declared that Nigeria’s debt under President Bola Tinubu had reached “a critical point” and demanded urgent reforms in borrowing practices and parliamentary oversight.
He described the breach of the debt ceiling as “a signal of strain on fiscal sustainability,” stressing the need for stronger oversight, transparent borrowing practices, and collective resolve to ensure every borrowed naira delivers meaningful economic and social impact.
Abbas further cautioned that several African nations already spend more on debt servicing than on healthcare and essential services.
To curb the risks, Abbas announced that Nigeria would champion the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC.
According to him, the framework will harmonise debt reporting across the region, establish transparency standards, and empower parliaments with timely data to scrutinise borrowing.
He also unveiled a regional capacity-building programme for Public Accounts and Finance Committees to equip lawmakers with advanced tools for debt sustainability analysis and fiscal risk assessment.
While insisting that borrowing must be purposeful, Abbas stressed that loans should be tied to development.
“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,” he said.
Reiterating the 10th House’s commitment to accountability, Abbas explained that under its Open Parliament policy, major borrowing proposals would undergo 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,” Abbas warned.
The conference, which drew 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 treat the deliberations with seriousness, adding that the resolutions would help strengthen fiscal responsibility and accountability across the continent.
