The Speaker of the House of Representatives, Abbas Tajudeen, has raised alarm over Nigeria’s escalating debt burden, warning that it has surpassed the country’s legal threshold and now threatens fiscal sustainability.
Speaking on Monday 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 jumped to N149.39 trillion (about US$97 billion) in Q1 2025, up from N121.7 trillion in the previous year.
Abbas noted that the debt-to-GDP ratio has now hit 52 percent, well above the statutory ceiling of 40 percent.
“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from N121.7 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 set by our own laws,” he said.
The Speaker described the breach as a sign of strain on fiscal stability and called for transparent borrowing, stronger oversight, and reforms to ensure that loans translate into real economic and social development.
Abbas also warned that many African nations already spend more on debt servicing than on critical sectors like healthcare, stressing that Nigeria must avoid falling into the same trap.
To address the risks, he announced plans to create a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative will harmonise debt reporting, set transparency standards, and provide lawmakers with tools to properly scrutinise borrowing.
He further disclosed a regional capacity-building programme aimed at strengthening debt sustainability analysis and fiscal risk assessment.
The Speaker insisted that borrowing must focus on infrastructure, health, education, and job-creating industries, cautioning against reckless debt driven by consumption or corruption.
He reaffirmed the commitment of the 10th House to accountability, noting that under its Open Parliament policy, major borrowing proposals will be subjected to public hearings and simplified debt reports will be made accessible to citizens.