Speaker of the House of Representatives, Abbas Tajudeen, has cautioned that Nigeria’s rising debt has exceeded its legal benchmark, creating a major threat to the country’s financial stability.
Delivering his remarks at the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, September 8, Abbas said the nation’s debt profile had reached a dangerous point that required urgent reforms in borrowing and oversight.
According to him, Nigeria’s total debt stood at ₦149.39 trillion (about US$97 billion) in the first quarter of 2025, compared to ₦121.7 trillion a year earlier.
He added that the debt-to-GDP ratio has climbed to 52 percent, far above the 40 percent limit set by law.
“This rise underscores how fast the debt burden has grown,” Abbas stated, warning that the breach shows clear signs of financial strain.
He also noted that many African countries face similar troubles, with loan repayments consuming more resources than critical sectors like health.
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To curb the risks, Abbas revealed that Nigeria would take the lead in establishing a West African Parliamentary Debt Oversight Framework.
The project, he explained, will standardise debt reporting, promote transparency, and give parliaments access to real-time data on borrowing.
He further announced plans for a regional training scheme for Finance and Public Accounts Committees to strengthen their ability to analyse debt sustainability and monitor fiscal risks.
The Speaker stressed that loans must be tied to essential projects such as infrastructure, education, and job creation, warning against reckless borrowing for consumption or corruption.
“Oversight is not just about figures, but about the lives and futures behind those figures,” he said.
The WAAPAC gathering brought together lawmakers, experts, and partners across West Africa to deliberate on strengthening parliamentary oversight of public debt.