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Nigeria’s Debt Hits ₦149trn, Speaker Abbas Warns Against Reckless Borrowing Under Tinubu
Abbas described Nigeria’s debt situation as “critical” and called for urgent reforms in borrowing practices and oversight.
Abuja, Nigeria- Speaker of the House of Representatives, Abbas Tajudeen, has raised the alarm over Nigeria’s rising debt profile, warning that the country has surpassed its statutory threshold and now faces a serious 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 described Nigeria’s debt situation as “critical” and called for urgent reforms in borrowing practices and oversight.
“As at 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, underscoring how quickly the burden has grown. Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 percent, well above the statutory ceiling of 40 percent set by our own laws,” he said.
Abbas stressed that the breach of the debt limit signals strain on fiscal sustainability, urging stronger oversight, transparency, and a collective resolve to ensure that borrowed funds translate into tangible economic and social returns.
He warned that several African countries are already in dangerous debt-to-GDP territories, where governments spend more on servicing loans than on essential services such as healthcare and education.
“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform,” Abbas said.
To tackle the risks, the Speaker announced that Nigeria would champion the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC.
The framework will harmonise debt reporting across the region, set transparency standards, and empower parliaments with timely data for monitoring borrowing practices.
He further revealed plans for a regional capacity-building programme to strengthen Public Accounts and Finance Committees, equipping members with modern tools for debt sustainability analysis and fiscal risk assessment.
Abbas insisted that borrowing should be targeted at bridging critical infrastructure gaps rather than fueling consumption or corruption.
“Borrowing should support infrastructure, health, education, and industries that create jobs and reduce poverty. Reckless debt that fuels consumption or corruption must be exposed and rejected. Oversight is not just about figures, but about the lives and futures behind those figures,” he said.
The Speaker also reiterated the 10th House’s commitment to accountability, pledging that major borrowing proposals would be subjected to public hearings, while simplified debt reports would be made accessible to citizens under the Open Parliament policy.
This year’s WAAPAC conference, themed “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees,” brought together parliamentarians from across West Africa, development partners, and financial experts to strengthen fiscal responsibility and accountability across the continent.
