In a strong message that appears to be directed at the administration of President Bola Tinubu, Speaker of the House of Representatives, Tajudeen Abbas has raised concern over what he called mounting public debt, declaring it has “crossed a dangerous threshold.”
Delivering a keynote address at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, Abbas highlighted the urgent need for a robust legislative oversight and transparent borrowing protocols to avert “a full-blown fiscal crisis.”
He said that as of the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US$97 billion.
He said: “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 described the debt limit breach as “a signal of strain on fiscal sustainability,” stressing the need for “stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
Abbas warned that several countries across Africa were in dangerous debt-to-GDP territories, with governments spending more on servicing loans than on healthcare and essential services.
“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he added.
Recall that in November 2023, Tinubu sought legislative approval for a $7.8 billion and €100 million borrowing plan to fund what the Federal government described as key infrastructure and social development projects over the 2022–2024 period.
In March 2025, Tinubu also sought legislative approval for a new external borrowing plan of over $21.5 billion, and a domestic bond issuance of ₦757.9 billion to settle outstanding national pension liabilities. The Senate approved the borrowing plan.
