Speaker of the House of Representatives, Abbas Tajudeen, has sounded the alarm over Nigeria’s rising public debt, warning that it has surpassed the statutory limit and now threatens fiscal sustainability.
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Speaking on Monday at 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” and called for immediate 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), up sharply from N121.7 trillion the previous year. The debt-to-GDP ratio now stands at roughly 52 percent, exceeding the statutory ceiling of 40 percent,” he stated.
He described the breach as a “signal of strain on fiscal sustainability” and stressed the need for stronger oversight, transparent borrowing practices, and ensuring that economic and social returns justify every naira borrowed.
Abbas also highlighted that several African countries face similar fiscal pressures, with governments spending more on debt servicing than on critical services such as healthcare.
To address these risks, he announced Nigeria’s readiness to champion a West African Parliamentary Debt Oversight Framework under WAAPAC. The framework aims to harmonise debt reporting across the sub-region, set transparency standards, and equip parliaments with timely data to scrutinise borrowing.
Additionally, Abbas outlined plans for a regional capacity-building programme for Public Accounts and Finance Committees to strengthen debt sustainability analysis and fiscal risk assessment.
“Borrowing should bridge critical infrastructure gaps, support health, education, and industries that create jobs. Reckless debt that fuels consumption or corruption must be exposed and rejected,” he said.
The Speaker reaffirmed the House’s commitment to accountability, noting that major borrowing proposals under the Open Parliament policy would undergo public hearings and simplified debt reports would be made accessible to citizens.
The WAAPAC conference, which brings together parliamentarians, development partners, and financial experts across West Africa, is themed: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”
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