From Victor Osula, Abuja
Speaker of the House of Representatives, Abbas Tajudeen, has expressed deep concern over Nigeria’s rising debt profile, warning that it has breached the country’s statutory threshold and now poses 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 had reached “a critical point” that demands urgent reforms in borrowing practices and oversight.
“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, about US$97 billion. This marks a sharp rise from N121.7 trillion the previous year. 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,” he said.
The Speaker described the breach as “a signal of strain on fiscal sustainability,” stressing the need for stronger oversight, transparent borrowing, and a collective resolve to ensure that every naira borrowed delivers tangible social and economic returns.
He warned that many African countries are already in “dangerous debt-to-GDP territories,” where more funds are spent on loan servicing than on healthcare and essential services.
“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” Abbas said.
To address the growing fiscal risks, the Speaker announced plans for Nigeria to lead the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC.
The framework, he said, would harmonise debt reporting across the region, set transparency standards, and empower parliaments with timely data to scrutinise borrowing.
He also revealed plans for a regional capacity-building programme for Public Accounts and Finance Committees to equip members with tools for debt sustainability analysis and fiscal risk management.
Abbas stressed that borrowing should only be directed toward bridging critical infrastructural gaps. “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,” he declared.
Reiterating the 10th House’s commitment to accountability, Abbas said 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.
The WAAPAC conference, which brings together parliamentarians, 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 delegates to approach the deliberations with dedication, noting that the resolutions would help strengthen fiscal responsibility and accountability across the continent.
