Speaker Abbas Warns Against Reckless Borrowing as Nigeria’s Debt Hits ₦149 Trillion.
The Speaker of the House of Representatives, Abbas Tajudeen, has sounded the alarm over Nigeria’s surging debt, highlighting the risks it poses to the nation’s 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 Nigeria’s total public debt rose to ₦149.39 trillion (approximately US$97 billion) in Q1 2025, up from ₦121.7 trillion the previous year.
He noted that the debt-to-GDP ratio has climbed to 52 percent, exceeding the statutory ceiling of 40 percent set under Nigerian law.
“As at the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from ₦121.7 trillion the previous year, underscoring how quickly the burden has grown. Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 percent, well above the statutory ceiling of 40 percent,” Abbas stated.
The Speaker described the situation as a major strain on fiscal sustainability, stressing the need for reforms to ensure that borrowing is transparent, accountable, and directed toward growth-enhancing sectors.
He warned that many African countries already spend more on debt servicing than on healthcare and other essential services, urging Nigeria to avoid the same trajectory.
To strengthen oversight, Abbas announced plans to establish a West African Parliamentary Debt Oversight Framework under WAAPAC. The framework aims to:
- Harmonise debt reporting across the sub-region
- Set standards for transparency
- Equip parliaments with tools and data to scrutinise borrowing effectively
Additionally, he revealed plans for a regional capacity-building programme to improve debt sustainability analysis and fiscal risk assessments.
Abbas emphasised that loans should prioritise infrastructure, healthcare, education, and job-generating industries, while borrowing for consumption or corrupt practices must be firmly rejected.
Reiterating the House’s commitment to accountability, he said the legislature’s Open Parliament policy will ensure all major borrowing proposals undergo public hearings, with simplified debt reports made available to citizens.
