Our reporter/ Speaker of the House of Representatives, Abbas Tajudeen, on Monday raised alarm over Nigeria’s rising debt profile, warning that it has crossed the country’s statutory threshold and now threatens fiscal sustainability.
Abbas, who spoke 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, said Nigeria’s debt had reached “a critical point” and called for urgent reforms in borrowing practices and oversight.
According to him, Nigeria’s public debt had reached a critical point and must be checked through stronger oversight and transparent borrowing.
“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 per cent, well above the statutory ceiling of 40 per cent set by our own laws,” Abbas said.
The Speaker cautioned that the breach of the debt limit was a sign of strain on fiscal sustainability and a warning that borrowing practices must change. He stressed that oversight must ensure every loan delivers visible benefits to Nigerians.
He also drew attention to the wider African picture, noting that governments across the continent were already spending more on debt servicing than on healthcare and other critical services.
“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he stated.
To address the risks, Abbas disclosed that Nigeria would push for the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative, he said, would harmonise debt reporting across the region, set transparency benchmarks, and empower legislatures with timely data for monitoring public borrowing.
He further announced plans for regional training programs for Public Accounts and Finance Committees, aimed at equipping lawmakers with modern tools to assess debt sustainability and fiscal risks.
While acknowledging that borrowing is sometimes necessary, Abbas warned against reckless practices that worsen poverty and inequality.
“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 stressed.
Abbas reaffirmed the 10th House’s pledge to accountability under its Open Parliament policy, noting that major borrowing requests would be subjected to public hearings while simplified debt reports would be published for citizens.
The conference, attended by lawmakers from across West Africa, development partners, and fiscal experts, is focusing on “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”
According to Abbas, the outcomes of the meeting will be crucial in shaping policies that safeguard fiscal responsibility and transparency across the sub-region.
Leave a Reply