Nigeria’s debt alarming, we must reject reckless borrowing – Abbas

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The Speaker of the House of Representatives, Abbas Tajudeen, has sounded the alarm over Nigeria’s growing debt, warning that it has surpassed the country’s legal limit and now threatens fiscal stability.

He made these remarks on Monday at the opening session of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) held in Abuja.

According to Tajudeen, Nigeria’s total public debt increased to ₦149.39 trillion (approximately $97 billion) in the first quarter of 2025, rising sharply from ₦121.7 trillion the previous year.

He highlighted that the debt-to-GDP ratio has risen to 52 percent, exceeding the 40 percent statutory limit.

“As of the first quarter of 2025, Nigeria’s total debt stood at ₦149.39 trillion, roughly $97 billion. This is a significant jump from ₦121.7 trillion recorded last year, illustrating the rapid growth in the debt burden. More troubling is the debt-to-GDP ratio, now about 52 percent, far above the legal cap of 40 percent,” he stated.

Tajudeen described this breach as an indicator of pressure on fiscal health and called for enhanced oversight, transparent borrowing, and reforms that ensure loans translate into real economic and social gains.

He warned that many African nations are already spending more on repaying debts than on vital services like healthcare, urging Nigeria to avoid following that path.

To mitigate fiscal risks, the Speaker revealed plans to create a West African Parliamentary Debt Oversight Framework under WAAPAC, aimed at standardizing debt reporting, establishing transparency guidelines, and empowering legislatures to better scrutinize borrowing.

He also mentioned upcoming regional training programs to boost capacity for analyzing debt sustainability and fiscal risks.

Tajudeen emphasized that borrowing should focus on sectors such as infrastructure, education, healthcare, and job-creating industries, cautioning against reckless loans that fuel consumption or corruption.

He reiterated the 10th House’s dedication to accountability, explaining that under the Open Parliament initiative, major borrowing proposals will face public hearings and debt reports will be simplified for citizen access.

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