House of Reps Speaker Tajudeen Abbas Sounds Alarm as Nigeria’s Debt Reaches N149 Trillion

House of Representatives Speaker Abbas Tajudeen has expressed concern over Nigeria’s rising debt, warning that it has exceeded the country’s legal limit and threatens fiscal stability.

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 in Abuja on Monday, September 8, Tajudeen described the debt situation as “critical” and urged immediate reforms in borrowing practices and financial 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 referred to the breach of the debt limit as “a sign of pressure on fiscal sustainability,” emphasizing the importance of “enhanced oversight, transparent borrowing, and a united commitment to ensure that every borrowed naira delivers real economic and social value.”

Abbas also cautioned that many African nations are facing alarming debt-to-GDP levels, with governments allocating more funds to debt servicing than to healthcare and other 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 cautioned against irresponsible borrowing, stating that loans should be directed toward addressing key infrastructural deficits.

“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 reaffirmed the 10th House’s dedication to accountability, noting that under its Open Parliament policy, significant borrowing proposals will undergo public hearings, and simplified debt reports will be shared with the public.