Speaker of the House of Representatives, Hon. Tajudeen Abbas, has expressed concern over Nigeria’s rising debt profile, describing it as alarming and unsustainable. He made the remarks on Monday, September 8, 2025, at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) held at the National Assembly in Abuja.
According to the Speaker, Nigeria’s public debt stood at ₦149.39 trillion (about US$97 billion) in the first quarter of 2025, compared to ₦121.7 trillion the previous year. He noted that the debt-to-GDP ratio has climbed to about 52 percent, exceeding the statutory ceiling of 40 percent, and warned against what he termed reckless borrowing practices.
Hon. Abbas stressed the need for stronger parliamentary oversight, transparency, and ensuring that borrowed funds are tied to tangible economic and social benefits. He also announced plans to establish a West African Parliamentary Debt Oversight Framework under WAAPAC, alongside capacity-building programmes for lawmakers to enhance debt sustainability analysis and fiscal risk management.