Speaker Abbas raises concerns, Nigeria’s debt crosses dangerous threshold

By Christiana Ekpa

Nigeria’s Speaker of the House of Representatives, Tajudeen Abbas, has raised the alarm over the country’s rising debt, warning that it has reached a level that threatens economic stability.
Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, Abbas said the debt situation had “crossed the line” and called for urgent reforms.
According to him, Nigeria’s total debt as of the first quarter of 2025 stood at N149.39 trillion (about $97 billion), a sharp jump from N121.7 trillion recorded the previous year.
The Speaker stressed that the debt-to-GDP ratio now sits at 52 percent, far above the 40 percent legal ceiling.
“This is no longer just a budgetary issue but a structural crisis. We must strengthen oversight, embrace transparency, and ensure every loan we take delivers real benefits to citizens,” he said.
Abbas warned that across Africa, several governments are already trapped in unsustainable debts, spending more on repaying loans than on health or essential services. He said Nigeria must avoid that path.
To tackle the risks, he announced plans to push for a West African Parliamentary Debt Oversight Framework under WAAPAC, aimed at setting transparency standards, harmonising debt reporting, and giving parliaments the tools to scrutinise borrowing.
He also revealed plans for regional training programmes to help Public Accounts and Finance Committees analyse debt sustainability and fiscal risks.
“Borrowing should only fund infrastructure, education, healthcare, and industries that create jobs,” Abbas stressed. “Reckless loans that fuel consumption or corruption must be exposed and rejected. Oversight is about lives and futures, not just figures.”
The Speaker pledged that the 10th House would uphold accountability through its Open Parliament policy, which would subject major borrowing proposals to public hearings and make debt reports easier for citizens to access.
The WAAPAC conference, attended by lawmakers from across West Africa, development partners, and financial experts, is focusing on ways to strengthen parliamentary oversight of public debt across the region.