Speaker Abbas has slammed President Tinubu Government for surpassing constitutional borrowing limits.
NewsOnline Nigeria reports that the Speaker of the House of Representatives, Hon. Abbas Tajudeen, has warned that Nigeria’s debt burden has reached a “critical point,” surpassing constitutional limits and threatening fiscal stability.
Speaking on Monday at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas revealed that the country’s total public debt rose to ₦149.39 trillion (US$97 billion) in Q1 2025, up from ₦121.7 trillion in 2024.
He noted that the debt-to-GDP ratio has climbed to 52%, breaching the 40% ceiling enshrined in law.
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“This is a signal of strain on fiscal sustainability,” Abbas cautioned, stressing the need for stricter oversight, transparent borrowing, and reforms to ensure loans deliver real social and economic benefits.
The Speaker expressed concern that Nigeria risks sliding into a debt trap similar to other African nations now spending more on servicing loans than on critical services like healthcare and education. He described the crisis as “structural” and demanded urgent parliamentary intervention.
To address the risks, Abbas announced plans for Nigeria to lead the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC. The framework will harmonise debt reporting across the region, set transparency benchmarks, and provide parliaments with tools to scrutinise borrowing decisions.
He further disclosed that a regional capacity-building programme will be launched to equip Public Accounts and Finance Committees with expertise in debt sustainability analysis and fiscal risk management.
While acknowledging the role of borrowing in bridging infrastructure gaps, Abbas warned against reckless loans used to fund consumption or lost to corruption.
“Oversight is not just about figures, but about the lives and futures behind those figures,” he said.
