Nigeria’s public debt has reached alarming levels under President Bola Tinubu’s administration, Speaker of the House of Representatives, Abbas Tajudeen, has warned.
Speaking at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, Abbas revealed that Nigeria’s debt profile stood at ₦149.39 trillion (US$97 billion) in Q1 2025, up sharply from ₦121.7 trillion in 2024.
He stressed that the country’s debt-to-GDP ratio has surged to 52 percent, surpassing the statutory ceiling of 40 percent, and warned that the trend threatens Nigeria’s fiscal sustainability.
“This breach is a signal of strain on our economy. Stronger oversight, transparency, and accountability are urgently needed,” Abbas declared.
The Speaker cautioned that Nigeria, like several African countries, risks spending more on debt servicing than on healthcare and essential services, describing the situation as “a structural crisis that demands urgent parliamentary action.”
Push for Regional Debt Oversight
To address these risks, Abbas announced that Nigeria will spearhead the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative will harmonise debt reporting, enforce transparency standards, and empower parliaments with real-time data for scrutiny.
He also unveiled plans for a capacity-building programme to equip finance and public accounts committees across the region with modern tools for debt sustainability analysis and fiscal risk management.
Borrowing Must Serve Citizens
Abbas insisted that borrowing should be strictly tied to infrastructure, education, healthcare, and job creation, not consumption or corrupt practices.
“Oversight is not just about figures, but about the lives and futures behind those figures,” he stressed.
He reaffirmed the 10th House’s commitment to transparency through its Open Parliament policy, promising public hearings on major borrowing proposals and simplified debt reports accessible to citizens.
The WAAPAC conference, themed “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees,” brought together lawmakers, development partners, and financial experts from across West Africa to deliberate on strategies for fiscal accountability.
