West African Parliaments urged to bolster fiscal oversight as debt crisis looms

In a powerful call to action, Nigeria’s Finance Minister, Wale Edun, and House Speaker, Abbas Tajudeen, have challenged West African parliaments to enhance fiscal oversight and ensure public resources deliver tangible benefits amid escalating debt challenges.

Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, they emphasized the urgency of addressing rising debt and shrinking development finance.

The week-long conference, themed: “ _Strengthening Parliamentary Oversight of Public Debt,”_ convened lawmakers from Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, The Gambia, Togo, and South Africa, according to the News Agency of Nigeria (NAN).

Edun highlighted the critical need for parliaments to reinforce budget credibility, align borrowing with development goals, and promote transparency. “We must create a fiscal framework that meets today’s demands while securing opportunities for the future,” he stated.

He underscored the Tinubu administration’s commitment to fostering a resilient economy driven by private-sector growth, with the government acting as a facilitator to eliminate barriers and spur investment.

Tajudeen revealed the scale of Africa’s debt crisis, noting that the continent’s public debt hit $1.8 trillion by 2022, with external debt exceeding $1 trillion in 2023.

He cautioned that many African nations are spending more on loan repayments than on critical sectors like healthcare.

“Western private lenders hold 35% of Africa’s debt, compared to China’s 12%, exposing our economies to external shocks,” he said.

To counter this, Tajudeen proposed a West African Parliamentary Debt Oversight Framework to standardize debt reporting and strengthen regional bargaining power.

Tajudeen also announced Nigeria’s collaboration with WAAPAC and partners to launch a capacity-building program for finance and public accounts committees across West Africa.

“Oversight must be transparent and citizen-driven,” he urged, emphasizing that debt should fund transformative projects, not wasteful spending.

Chairman of Nigeria’s Public Accounts Committee, Rep. Bamidele Salam, shared the committee’s achievements, including recovering over N200 billion ($150 million) in lost revenue and passing the audit bill in the House. He highlighted efforts to digitize committee operations and launch the PAC magazine to keep citizens informed.

“Our partnerships with civil society and the media are vital for effective governance,” Salam noted.

The leaders called for regional solidarity, warning that unsustainable debt in one nation could destabilize the entire sub-region.

The conference serves as a platform for peer learning and collective action to tackle the growing debt crisis.