Speaker Abbas Raises Alarm As Nigeria’s Debt Hits ₦149 Trillion
SPEAKER of the House of Representatives, Tajudeen Abbas, has sounded the alarm over Nigeria’s growing debt burden, warning that the nation has exceeded its statutory debt limit, endangering long-term fiscal stability.
Speaking on Monday at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas said Nigeria’s debt had reached “a critical point” and called for urgent reforms in borrowing practices and oversight.
“As of the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from ₦121.7 trillion the previous year,” the Speaker said.
He expressed concern that the debt-to-GDP ratio had climbed to about 52 percent, well above the 40 percent legal ceiling, describing it as “a signal of strain on fiscal sustainability.”
Abbas stressed the need for stronger oversight, transparent borrowing practices, and a commitment to ensuring economic returns that justify every naira borrowed.
“Several African countries are now spending more on debt servicing than on healthcare and essential services. This is not just a budgetary issue but a structural crisis that demands urgent parliamentary action,” he warned.
To strengthen accountability, Abbas announced plans to establish a West African Parliamentary Debt Oversight Framework under WAAPAC. The framework will harmonise debt reporting across the sub-region, set transparency standards, and equip parliaments with tools to monitor borrowing.
He also revealed plans for a regional capacity-building programme for members of Public Accounts and Finance Committees, aimed at improving debt sustainability analysis and fiscal risk assessment.
“Borrowing should fund infrastructure, healthcare, education, and industries that create jobs. Reckless debt that fuels consumption or corruption must be exposed and rejected,” Abbas said.
The Speaker reaffirmed the 10th House of Representatives’ commitment to accountability, stating that all major borrowing proposals would undergo public hearings under the legislature’s Open Parliament policy. Simplified debt reports will also be made available to the public.
The conference, attended by parliamentarians, financial experts, and development partners from across West Africa, had as its theme:
“Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”
Abbas urged delegates to engage constructively, noting that the resolutions would help entrench fiscal discipline and transparency across the continent.
