“Nigeria’s Debt Has Reached a Critical Point Under Tinubu” — Speaker Abbas

House of Representatives Speaker Abbas Tajudeen has warned that Nigeria’s rising debt profile has reached a dangerous level under President Bola Tinubu, describing the trend as a major threat to fiscal sustainability.

Speaking on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja, Abbas said the country’s total public debt hit ₦149.39 trillion (about US$97 billion) in the first quarter of 2025, a sharp increase from ₦121.7 trillion the previous year. He noted that Nigeria’s debt-to-GDP ratio now stands at 52 percent—well above the statutory ceiling of 40 percent.

“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform,” Abbas said.

He cautioned that reckless borrowing, if left unchecked, could deepen poverty and worsen economic strain, stressing that loans must be tied to clear developmental outcomes in infrastructure, health, education, and job creation—not consumption or corruption.

To curb the growing fiscal risks, Abbas announced that Nigeria will lead the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative will set regional transparency standards, harmonise debt reporting, and provide parliaments with timely data for monitoring borrowing practices. He also unveiled plans for a regional capacity-building programme to equip lawmakers with modern tools for debt sustainability analysis.

Abbas underscored the 10th House’s commitment to accountability, pledging that all major borrowing proposals will undergo public hearings and that simplified debt reports will be made accessible to citizens under the Open Parliament policy.

The Speaker further noted that several African countries are already spending more on debt servicing than on healthcare and essential services—a trend Nigeria must urgently avoid.

“Borrowing should support growth and reduce poverty. Oversight is not just about figures, but about the lives and futures behind those figures,” Abbas said.

The WAAPAC conference, which brings together lawmakers, financial experts, and development partners from across West Africa, is focused on the theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”