Speaker of the House of Representatives, Abbas Tajudeen, has issued a strong warning that Nigeria’s escalating debt profile has exceeded the country’s legal limits and now presents a significant threat to its fiscal sustainability. Speaking at the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, the Speaker highlighted the urgent need for robust legislative oversight and transparent borrowing practices.
According to Tajudeen, Nigeria’s total public debt reached N149.39 trillion (approximately US$97 billion) in the first quarter of 2025, a substantial increase from N121.7 trillion the previous year. He stated that the country’s debt-to-GDP ratio has climbed to approximately 52%, well above the legally mandated 40% ceiling.
“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he said, describing the breach as a clear signal of fiscal strain. Tajudeen also cautioned that many African nations are spending more on debt servicing than on essential services like healthcare, a situation Nigeria must avoid.
In response to these fiscal risks, the Speaker announced plans for a new initiative: a West African Parliamentary Debt Oversight Framework under the WAAPAC umbrella. The framework aims to standardize debt reporting across the sub-region and provide parliaments with the necessary data to scrutinize borrowing decisions. A regional capacity-building program is also in the works to strengthen debt sustainability analysis.
Tajudeen emphasized that borrowing should be strategically targeted at development projects that create jobs and reduce poverty, such as infrastructure, health, and education. He condemned reckless borrowing for consumption or corruption, urging that such practices be exposed and rejected. The Speaker reaffirmed the 10th House of Representatives’ commitment to transparency, stating that major borrowing proposals would be subject to public hearings and simplified debt reports would be made available to citizens under the “Open Parliament” policy.
