The Speaker of the House of Representatives, Tajudeen Abbas, has raised alarm over Nigeria’s rising debt profile, warning that it has surpassed the statutory ceiling 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.”
Abbas said, “As at the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion, about US$97 billion. This represents a sharp rise from ₦121.7 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 percent, well above the 40 percent statutory ceiling set by our laws.”
The Speaker described the breach as “a signal of strain on fiscal sustainability,” stressing the need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure every naira borrowed delivers tangible economic and social returns.
Abbas disclosed that Nigeria was ready to champion the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC.
According to him, the framework would harmonise debt reporting across the sub-region, set transparency standards, and empower parliaments with timely data to scrutinise borrowing.
He also announced plans for a regional capacity-building programme to equip Public Accounts and Finance Committees with modern tools for debt sustainability analysis and fiscal risk assessment.
The Speaker warned against reckless borrowing that fuels consumption or graft.
“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,” Abbas declared.
He noted that across Africa, many governments were already spending more on debt servicing than on healthcare and essential services, describing the trend as a “structural crisis” that required urgent parliamentary attention.
10th House Pledges Transparency
Abbas reiterated that the 10th House remained committed to accountability.
He said, “Under our Open Parliament policy, major borrowing proposals will be subjected to public hearings, while simplified debt reports will be made available to citizens.”
The WAAPAC conference, which drew parliamentarians, development partners, and financial experts from across West Africa, focused on the theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”
Abbas urged participants to approach deliberations with dedication, saying the resolutions would help strengthen fiscal responsibility and accountability across the continent.
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