Nigeria’s Debt Crisis: Abbas’ Withdrawal Political Cowardice – ADC

The African Democratic Congress (ADC) has said the quick retraction of his remarks on Nigeria’s rising debt profile by the Speaker of the House of Representatives, Tajudeen Abbas, reflects the growing culture of political cowardice and legislative complicity.

ADC, in a statement issued on Tuesday by the National Publicity Secretary, Mallam Bolaji Abdullahi, added that the Speaker’s initial admission that the country’s debt has crossed critical levels was a rare moment of honesty from within the ruling party.

“The Speaker’s admission that the country’s debt-to-GDP ratio has not only crossed the statutory threshold, but now stands at a staggering 52 per cent, was not only a rare moment of honesty but a validation of what the ADC and many patriotic Nigerians have long warned against: this government is mortgaging our future,” the party stated.

It’s regretted that rather than standing by his remarks and on the side of the people, the lawmaker chose to play safe and be politically correct.

“This, to us, is not only disappointing but troubling. If those in power cannot summon the courage to stand by the truth, even when it screams all around them, how can we expect them to act in the interest of the people?” ADC asked.

The party noted that before proceeding on his vacation to Europe, President Bola Tinubu assured Nigerians that the era of borrowing was over.

“He claimed that revenue projections had been met and the nation would henceforth live within its means,” the party recalled, but noted that in less than a week, this same government announced a fresh plan to borrow $1.75 billion from the World Bank.

“It is against this backdrop of contradictions that the Speaker’s initial statement carried weight, and it is why his withdrawal rings louder than his words.

“What has stood out in the entire saga of unprecedented debt accumulation is the complicity of the 10th National Assembly, which, by every indication, has become the most compliant legislature in our recent history,” ADC said.

It told the lawmakers that the principle of checks and balances was not included in our Constitution for decoration, but to protect Nigerians from unrestrained executive overreach.

“Yet today, what we witness is not legislative oversight, but legislative complicity. The National Assembly, instead of being a bulwark against excess, has become a conveyor belt for executive wishes,” ADC noted.

It reminded Speaker Abaas and the All Progressives Congress (APC)-led administration that Nigeria’s debt crisis is not an abstract economic theory.

“It is a lived reality. Every naira borrowed without accountability translates into a child out of school and a hospital patient without care.

“The Speaker was right the first time — our debt is out of control, and our children’s future is being written in red ink,” the party said.

It hopes that Nigeria returns to a path of fiscal discipline, transparency, and responsible governance, and calls for full public disclosure and parliamentary debate before any new borrowing is undertaken.