Worried by the medium and long-term implications of Nigeria’s rising debt profile for ordinary citizens, the Speaker of the House of Representatives, Hon. Abbas Tajudeen, has warned the fiscal authorities that the nation’s borrowing rate had crossed statutory ceiling, posing a threat to the nation’s fiscal stability.
The lawmaker made this remark on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) with the theme “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees”, held at the National Assembly in Abuja.
Delivering his address at the forum, Abbas expressed concerns that Nigeria’s debt had reached a critical point and canvassed the need for urgent reforms in borrowing practices and oversight.
He said: “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.
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“Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 per cent, well above the statutory ceiling of 40 per cent set by our own laws.
“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform”, the lawmaker added.
The lawmaker described the breach of the debt limit as a signal of strain on fiscal sustainability, advocating “stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
Comparing the nation’s debt stock with those of other economies in the African continent, Abbas maintained that to mitigate the fiscal risks in the countries, Nigeria was ready to champion the establishment of a West African Parliamentary Debt Oversight Framework under the WAAPAC.
According to him, the proposed framework will harmonise debt reporting across the sub-region, set transparency standards, and empower parliaments with timely data to scrutinise borrowing practices.
This is even as he spoke about plans for a regional capacity-building programme for Public Accounts and Finance Committees, designed to equip members with modern tools for debt sustainability analysis and fiscal risk assessment.
Noting that borrowing remains a key fiscal instrument for development, Abbas stressed that “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 lawmaker added.
He reiterated the Green Chamber’s commitment to transparency and accountability in public finance, adding that under its Open Parliament Policy, all major borrowing proposals will be subjected to public hearings, while simplified debt reports would be published to keep Nigerians updated with the fiscal situation of the nation.
The Speaker charged participants at the forum to be fully involved in deliberations the resolutions reached would play a vital role in strengthening fiscal responsibility and accountability in Sub-Saharan Africa (SSA).
