Nigeria’s Speaker of the House, Abbas Tajudeen has warned that the nation’s public debt, which reached N149.39 trillion (US$97 billion) in Q1 2025, has exceeded the statutory 40% debt-to-GDP ceiling, hitting 52%.
Speaking at the 11th Annual Conference of the West Africa Association of Public Accounts Committees in Abuja, he highlighted the threat to fiscal stability, as debt servicing consumes significant government revenue, limiting funds for infrastructure, health, and education.
Abbas called for urgent reforms, stronger parliamentary oversight, and transparent borrowing practices. He proposed a West African Parliamentary Debt Oversight Framework to standardize debt reporting and enhance scrutiny, alongside a capacity-building program for debt sustainability analysis. While recognizing borrowing’s role in development, he condemned reckless debt accumulation and emphasized the need for accountability, with Nigeria’s 10th House committing to public hearings and simplified debt reports under its Open Parliament Policy.
Leave a Reply