Speaker of the House of Representatives, Tajudeen Abbas, has warned governments at all levels against reckless borrowing, stressing that debt must serve development, not consumption.
Abbas, represented by Majority Leader Julius Ihonvbere, spoke at the opening of the West Africa Association of Public Accounts Committees (WAAPAC) annual conference in Abuja. He said strong parliamentary oversight is key to safeguarding Nigeria’s financial future.
Abbas raised concern over Nigeria’s rising debt profile, noting that the country’s total public debt climbed to N149.39 trillion (US$97 billion) in Q1 2025. This marks a sharp increase from N121.7 trillion in 2024.
He added that Nigeria’s debt-to-GDP ratio has now reached 52 percent, well above the legal ceiling of 40 percent, describing it as a breach that threatens fiscal sustainability.
“Oversight of public debt is a democratic duty and a moral responsibility of the legislature. Reckless debt that fuels consumption or corruption must be exposed and rejected,” Abbas said.
The Speaker noted that Africa’s debt crisis is worsening, with many countries spending more on debt servicing than on health and education. He stressed that borrowing should fund infrastructure, healthcare, education, and job creation, rather than consumption or corruption.
He called for transparency, public hearings on major loans, and simplified debt reports for citizens. Abbas also urged Africa to rethink its reliance on external borrowing, focus on domestic resource mobilisation, intra-African trade, and develop financial tools that protect economic sovereignty.
