Speaker of the House of Representatives, Abbas Tajudeen, has clarified that his recent comments on Nigeria’s rising debt were misrepresented, asserting that he did not condemn government borrowing.
At the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, Speaker Abbas expressed concern over Nigeria’s escalating debt profile, which has reached approximately N149.39 trillion (about US$97 billion), surpassing the statutory debt-to-GDP ceiling of 40%. He described this situation as a structural crisis requiring urgent parliamentary attention and reform.
However, in a statement issued by his Special Adviser on New Media, Jowosimi Enitan, Speaker Abbas clarified that he supports responsible borrowing and emphasized the importance of parliamentary oversight to ensure that borrowed funds are utilized effectively for development purposes. Enitan highlighted that the Speaker’s remarks were focused on advocating for transparency and accountability in debt management, not on condemning borrowing outright.
This clarification comes amidst political reactions, with some members of the opposition questioning the Speaker’s stance on borrowing, given the legislature’s approval of previous loan requests by President Bola Tinubu. The debate underscores the ongoing discourse on fiscal responsibility and governance in Nigeria.