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The Speaker of the House of Representatives, Abbas Tajudeen, has raised alarms over Nigeria’s rising debt, warning that the country has surpassed its statutory limit and now faces serious fiscal risks.
Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas said Nigeria’s debt under President Bola Tinubu had reached a critical point, calling for urgent reforms in borrowing practices and parliamentary oversight.
He described the breach of the debt ceiling as a “signal of strain on fiscal sustainability” and stressed the need for stronger oversight, transparent borrowing, and a collective effort to ensure every naira borrowed delivers real economic and social benefits.
Abbas also highlighted that several African countries now spend more on debt servicing than on healthcare and essential services.
To mitigate these risks, Nigeria will lead the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The framework will harmonise debt reporting across the sub-region, set transparency standards, and give parliaments timely data to scrutinise borrowing.
He also announced a regional capacity-building programme for Public Accounts and Finance Committees to equip lawmakers with tools for debt sustainability analysis and fiscal risk assessment.
Emphasising responsible borrowing, Abbas said loans must support developmental goals such as infrastructure, health, education, and job-creating industries, warning against debt used for consumption or corruption.
Under the 10th House’s Open Parliament policy, major borrowing proposals will face public hearings, and simplified debt reports will be made available to citizens.
As of the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion (about US$97 billion), up from N121.7 trillion the previous year. The debt-to-GDP ratio is now roughly 52 percent, exceeding the 40 percent statutory ceiling.
“This is not just a budgetary issue, but a structural crisis requiring urgent parliamentary attention and coordinated reform,” Abbas said, stressing that oversight is about safeguarding lives and futures, not just numbers.
The conference, attended by West African parliamentarians, development partners, and financial experts, focuses on “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.” Abbas urged delegates to approach deli
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