House of Reps Speaker Tajudeen Abbas Raises Alarm as Nigeria’s Debt Hits ₦149 Trillion

The Speaker of the House of Representatives, Abbas Tajudeen, has expressed grave concern over Nigeria’s spiraling debt profile, warning that it has exceeded the nation’s statutory ceiling and poses a significant threat to fiscal sustainability. Eyes Of Lagos reports,

Speaking on Monday, September 8, 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, Abuja, Abbas said Nigeria’s debt situation had reached “a critical point.”

Nigeria’s Debt Profile Soars

According to the Speaker, Nigeria’s total public debt as of the first quarter of 2025 stood at ₦149.39 trillion (about US$97 billion). This marks a sharp rise from ₦121.7 trillion recorded in 2024, underscoring how quickly the nation’s debt burden is growing.

Even more alarming is the debt-to-GDP ratio, which now stands at roughly 52%, far above the statutory limit of 40% set by Nigerian law.

“This breach is a clear signal of strain on fiscal sustainability,” Abbas said. “We need stronger oversight, transparent borrowing practices, and a collective resolve to ensure every naira borrowed delivers tangible economic and social returns.”

The Broader African Debt Crisis

The Speaker noted that Nigeria is not alone, warning that several African countries are already in dangerous debt-to-GDP territories, where loan servicing costs surpass critical spending 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.

Call for Responsible Borrowing

Abbas emphasized that borrowing should be targeted at critical infrastructure, healthcare, education, and industries that generate jobs and reduce poverty. He condemned reckless borrowing that fuels consumption or corruption.

“Oversight is not just about figures, but about the lives and futures behind those figures,” the Speaker stressed.

Open Parliament & Accountability

Reiterating the 10th House’s commitment to transparency, Abbas announced that under its Open Parliament policy, major borrowing proposals would undergo public hearings, while simplified debt reports would be published to keep citizens informed.