House of Reps Speaker, Tajudeen Abbas, raises alarm as Nigeria’s debt hits N149 trn

The Speaker of the House of Representatives, Abbas Tajudeen, has raised alarm over Nigeria’s escalating debt profile, warning that it has breached the nation’s statutory ceiling and posing a serious threat to fiscal sustainability.

Tajudeen raised the alarm while speaking at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja on Monday, September 8.

He said Nigeria’s debt had reached “a critical point” and called for urgent reforms in borrowing practices and oversight.

“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” Abbas said

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 said.

Abbas further warned against reckless debt, saying borrowing should be used to bridge critical infrastructural gaps.

“Borrowing should support infrastructure, health, education, and industries that create jobs and reduce poverty. Reckless debt that fuels consumption or corruption must be exposed and rejected. Oversight is not just about figures, but about the lives and futures behind those figures,” he said

The Speaker reiterated the 10th House’s commitment to accountability, saying that under its Open Parliament policy, major borrowing proposals would be subjected to public hearings, while simplified debt reports would be made available to citizens.