The Speaker of the House of Representatives, Abbas Tajudeen, has expressed concern over Nigeria’s escalating debt profile, warning that it now poses a major threat to fiscal sustainability.
Speaking on Monday at the opening of 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 surged to ₦149.39 trillion (about US$97 billion) in the first quarter of 2025, up from ₦121.7 trillion in the same period last year.
He noted that the debt-to-GDP ratio has also risen to 52 percent, surpassing the statutory ceiling of 40 percent.
“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 set by our own laws,” he said.
Abbas described the breach as a sign of strain on the economy and called for stronger oversight, transparent borrowing, and reforms to ensure loans deliver real social and economic benefits.
He cautioned that several African nations are already spending more on debt servicing than on healthcare and other critical services, stressing that Nigeria must avoid a similar path.
To address the risks, the Speaker announced the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative will harmonise debt reporting across the sub-region, set transparency standards, and equip parliaments with data to scrutinise borrowing.
He also disclosed plans for a regional capacity-building programme to strengthen debt sustainability analysis and fiscal risk assessments.
Abbas reaffirmed the 10th House’s commitment to accountability, stating that under its Open Parliament Policy, major borrowing proposals will undergo public hearings, while simplified debt reports will be published for citizens.