Nigeria's Debt Soars Alarmingly to ₦149 Trillion According to Speaker Abbas

In a bid to enhance fiscal responsibility and accountability across West Africa, the Speaker of the House of Representatives in Nigeria, Tajudeen Abbas, has proposed the creation of a West African Parliamentary Debt Oversight Framework under the West African Parliamentary Conference on Accountability and Control (WAAPAC).

The proposal, which was made at the WAAPAC conference held recently, focused on strengthening parliamentary oversight of public debt. The conference, themed "Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees," drew parliamentarians, development partners, and financial experts from across West Africa.

Abbas, in his address, urged participants to approach deliberations with dedication and emphasized the need for stronger oversight and transparent borrowing practices in Nigeria. He warned against reckless borrowing that fuels consumption or corruption, expressing concern over Nigeria's rising debt profile. As of the first quarter of 2025, Nigeria's total public debt stands at ₦149.39 trillion, approximately US$97 billion. The debt-to-GDP ratio in Nigeria is currently around 52 percent, exceeding the statutory ceiling of 40 percent.

The proposed framework aims to harmonize debt reporting across West Africa, set transparency standards, and provide parliaments with timely data for scrutiny. Under the Open Parliament policy, simplified debt reports will be made available to citizens, and major borrowing proposals will be subjected to public hearings.

In addition, Abbas announced plans for a regional capacity-building program to equip Public Accounts and Finance Committees with tools for debt sustainability analysis and fiscal risk assessment. The Speaker of the House of Representatives did not make any statements against borrowing by the Federal Government.

Nigeria, Ghana, Senegal, and several other West African countries have expressed support for Abbas' initiative to establish a West African parliamentary debt oversight framework under WAAPAC. The resolutions from the WAAPAC conference aim to strengthen fiscal responsibility and accountability across the continent.

Meanwhile, a separate meeting regarding the Dangote Refinery dispute between the Tinubu government and NUPENG has started. Further developments in this regard are expected to be announced in due course. The 10th House remains committed to accountability under the Open Parliament policy.