Speaker of the House of Representatives, Tajudeen Abbas, has raised alarm over Nigeria’s rising debt profile, warning that it has exceeded the nation’s legal threshold and threatens fiscal sustainability.
Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas disclosed that Nigeria’s total public debt stood at ₦149.39 trillion (about $97 billion) in the first quarter of 2025, a sharp rise from ₦121.7 trillion in 2024.
He noted that the debt-to-GDP ratio has hit 52 percent, well above the statutory ceiling of 40 percent, describing the situation as a clear signal of pressure on the country’s fiscal framework.
Abbas warned against reckless borrowing, stressing that loans must be tied to critical projects in infrastructure, healthcare, education, and industries that generate jobs. He said borrowing for consumption or corruption must be rejected.
The Speaker further announced plans to establish a West African Parliamentary Debt Oversight Framework under WAAPAC to standardize debt reporting across the region and enhance transparency. He also unveiled a regional capacity-building initiative to strengthen parliaments in debt sustainability analysis and fiscal risk management.
He emphasised that the House of Representatives remains committed to accountability through its Open Parliament policy, ensuring all major borrowing proposals undergo public scrutiny and simplified debt reports are made available to citizens.
