By Kingston Daniel 8.9.2025
Nigeria’s ever-increasing debts, which so far has reached N149.39 trillion (about US$97 billion) is giving the Speaker of the House of Representatives, Abbas Tajudeen goose pimples.
Hon Abbas who was speaking Monday during the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, WAAPAC, in Abuja, noted that Nigeria has reached its borrowing limit and cannot long take loans.
“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,” he said.
Abbas described the breach as a signal of strain on fiscal stability and called for stronger oversight, transparent borrowing practices, and reforms to ensure loans deliver tangible economic and social benefits.
He cautioned that many African countries are already spending more on debt servicing than on healthcare and other essential services, adding that Nigeria must avoid a similar situation.
Abbas stressed that borrowing should be targeted at infrastructure, health, education, and industries that create jobs and reduce poverty, warning that reckless debt driven by consumption or corruption must be rejected.
He reaffirmed the 10th House’s commitment to accountability, saying that under its Open Parliament policy, major borrowing proposals will undergo public hearings, while simplified debt reports will be made available to citizens.
Abbas Tajudeen...speaking of debt.