Nigeria Drowning In Debt: Speaker Abbas Shocks Nation With ₦149 Trillion Revelation

The Speaker of the House of Representatives, Tajudeen Abbas, has expressed grave concern over Nigeria’s ballooning debt profile, warning that it has exceeded the statutory threshold and now threatens the country’s fiscal stability.

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 described Nigeria’s debt as having reached “a critical point.”

“As of the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion (about US$97 billion), a steep rise from ₦121.7 trillion in the previous year,” he revealed. “Even more troubling is the debt-to-GDP ratio, now at roughly 52 percent—well above the 40 percent statutory ceiling set by law.”

He said the breach signaled intense pressure on fiscal sustainability, stressing the need for greater parliamentary oversight, transparency in borrowing, and assurance that every naira borrowed translates into real economic and social impact.

Abbas further disclosed that Nigeria was prepared to spearhead the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative would unify debt reporting standards across the sub-region, enforce transparency benchmarks, and equip parliaments with reliable data for scrutiny of borrowing practices.

He also announced a regional capacity-building programme designed to strengthen Public Accounts and Finance Committees with modern tools for debt sustainability analysis and fiscal risk assessment.

Cautioning against reckless borrowing, Abbas said: “Loans must be channeled into infrastructure, healthcare, education, and job-creating industries. Debt that merely fuels consumption or corruption must be exposed and rejected. Oversight is not just about figures, but about the lives and futures tied to those figures.”

The Speaker noted that across Africa, many governments were already spending more on debt servicing than on healthcare and critical services, describing the situation as a structural crisis that demanded urgent attention.

Reaffirming the 10th House’s commitment to transparency, Abbas said under its Open Parliament policy, major borrowing proposals would undergo public hearings while simplified debt reports would be made accessible to citizens.

The WAAPAC conference, which drew lawmakers, financial experts, and development partners from across West Africa, focused on the theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”

Abbas urged participants to deliberate with dedication, stressing that the outcomes would play a key role in advancing fiscal responsibility and accountability across the continent.