By our Reporter
Hon. Abbas Tajudeen,
Speaker of the House of Representatives,
has warned that Nigeria’s debt has crossed the legal threshold, threatening fiscal sustainability.
At the WAAPAC conference in Abuja, Abbas revealed that Nigeria’s public debt hit N149.39 trillion (US$97bn) in the first quarter of 2025, up from N121.7 trillion the previous year. The debt-to-GDP ratio now stands at 52%, far above the 40% ceiling allowed by law.
He described the situation as “a signal of strain on fiscal sustainability” and urged stronger oversight and transparent borrowing. Abbas warned that several African countries were already spending more on debt servicing than on health or education, calling it “a structural crisis that demands urgent attention.”
To address the risks, he announced plans for a West African Parliamentary Debt Oversight Framework to harmonise reporting, set transparency standards, and empower parliaments with better data. He also pledged to strengthen Nigeria’s accountability through public hearings on major borrowing and simplified debt reports for citizens.
“Borrowing should support infrastructure, health, education, and industries that create jobs. Reckless debt that fuels consumption or corruption must be exposed and rejected,” he said.
