The Speaker of the House of Representatives, Tajudeen Abbas, has raised alarm over Nigeria’s soaring debt profile, cautioning that the country has exceeded its statutory debt ceiling and is facing a serious threat to fiscal sustainability.
Speaking on Monday, September 8, at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas described the nation’s rising debt as “a critical point” that requires immediate reforms in borrowing practices and stronger oversight.
“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from N121.7 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,” Abbas warned.
The Speaker noted that breaching the debt limit signals mounting strain on the nation’s fiscal health. He stressed the importance of transparent borrowing practices and ensuring that borrowed funds translate into tangible economic and social benefits.
“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he said.
Abbas highlighted that several African countries are trapped in dangerous debt-to-GDP territories, where governments spend more on loan servicing than on healthcare and other essential services.
Calling for responsible borrowing, he stated:
“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.”
The Speaker also reaffirmed the 10th House’s commitment to accountability and transparency through its Open Parliament policy. He explained that major borrowing proposals will now be subjected to public hearings, while simplified debt reports will be made accessible to citizens.
Abbas concluded by urging lawmakers and stakeholders to adopt a collective resolve in safeguarding Nigeria’s economic future, ensuring that every borrowed naira delivers measurable value.
