By NNH | September 8, 2025 | Abuja
Abbas Tajudeen, Speaker of the House of Representatives, has raised alarm over Nigeria’s rapidly rising debt profile under President Bola Tinubu, warning that unchecked borrowing could push the nation into deeper economic crisis.
Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas described the situation as “a critical point” that demands urgent parliamentary reforms and stronger fiscal oversight.
Nigeria’s Debt Surges Beyond Statutory Limits
According to the Speaker, Nigeria’s total public debt as of Q1 2025 stood at N149.39 trillion (US$97 billion), a sharp rise from N121.7 trillion in 2024. This pushes the nation’s debt-to-GDP ratio to 52%, far exceeding the statutory ceiling of 40% set by law.
“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform,” Abbas declared.
Call for Responsible Borrowing
Abbas stressed that while borrowing is sometimes necessary, loans must be tied to tangible development projects in infrastructure, healthcare, education, and job creation.
“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 added.
West Africa Debt Oversight Framework
In response to the growing crisis, Abbas announced Nigeria’s plan to champion a West African Parliamentary Debt Oversight Framework. The initiative will:
- Harmonise debt reporting across the region.
- Establish transparency standards.
- Provide parliaments with timely data to scrutinise borrowing.
- Launch capacity-building for finance and public accounts committees.
This, he said, will empower lawmakers to make evidence-based decisions that protect national economies from debt traps.
Rising Concerns Across Africa
The Speaker also cautioned that many African nations now spend more on debt servicing than on healthcare and social services, a trend he described as unsustainable.
He urged parliamentarians across West Africa to adopt stronger accountability measures, ensuring that public debt serves as a tool for growth rather than a burden on future generations.
Commitment to Open Parliament
Reiterating the 10th House’s dedication to transparency, Abbas said all major borrowing proposals will be subjected to public hearings under the Open Parliament Policy. Simplified debt reports will also be made accessible to citizens for better understanding and engagement.
Key Takeaway
Nigeria’s ballooning debt profile has triggered alarm at the highest level of governance. With Speaker Abbas pushing for accountability, transparency, and responsible borrowing, all eyes are now on the Tinubu administration and the National Assembly to chart a sustainable path forward.
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