Nigerian Debt is Becoming Outrageous -Abbas Said

The Speaker of the House of Representatives, Abbas Tajudeen, has warned that Nigeria’s rising debt profile has exceeded the country’s legal threshold and now poses a major threat to fiscal sustainability.

Abbas spoke 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.

The Speaker said Nigeria’s total public debt rose to N149.39 trillion (about US$97 billion) in the first quarter of 2025, up from N121.7 trillion the previous year.

He noted that the country’s debt-to-GDP ratio has climbed to 52 percent, surpassing 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.

Abbas described the breach as a signal of strain on fiscal stability and called for stronger oversight, transparent borrowing practices, and reforms to ensure loans deliver tangible economic and social benefits.

He cautioned that many African countries are already spending more on debt servicing than on healthcare and other essential services, adding that Nigeria must avoid a similar situation.

To address fiscal risks, the Speaker announced plans to establish 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 assessment.

Abbas stressed that borrowing should be targeted at infrastructure, health, education, and industries that create jobs and reduce poverty, warning that reckless debt driven by consumption or corruption must be rejected.

He reaffirmed the 10th House’s commitment to accountability, saying that under its Open Parliament policy, major borrowing proposals will undergo public hearings, while simplified debt reports will be made available to citizens.