Nigeria Debt on alarming rise, stop reckless borrowing – Abbas

Nigeria’s Rising Debt Poses Fiscal Risk, Says Speaker Abbas

The Speaker of the House of Representatives, Abbas Tajudeen, has raised concerns over Nigeria’s escalating debt profile, warning that it has surpassed the country’s legal borrowing threshold and now threatens long-term fiscal stability.

Speaking on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas revealed that Nigeria’s total public debt stood at N149.39 trillion (about US$97 billion) in the first quarter of 2025, a sharp rise from N121.7 trillion recorded the previous year.

He noted that the country’s debt-to-GDP ratio has climbed to 52 percent, significantly higher than the 40 percent ceiling set by law. “This breach signals growing strain on fiscal stability and underscores the urgency of addressing our borrowing practices,” he warned.

The Speaker cautioned that reckless borrowing, if unchecked, could push Nigeria into a cycle where more funds are spent on debt servicing than on healthcare, education, and other essential services—a reality already confronting several African nations.

To mitigate the risks, Abbas announced plans to establish a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative will harmonise debt reporting across the sub-region, improve transparency, and equip parliaments with reliable data to scrutinise loans. He also disclosed plans for a regional capacity-building programme to enhance debt sustainability analysis and fiscal risk assessment.

Abbas emphasised that borrowing must be channelled into critical sectors such as infrastructure, health, education, and job-creating industries, not driven by consumption or corruption.

Reaffirming the 10th House’s commitment to accountability, he said all major borrowing proposals would undergo public hearings under its Open Parliament policy, with simplified debt reports made available to citizens for transparency.