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Speaker Abbas cautions on Nigeria’s borrowing, calls for urgent reforms

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Nigeria’s mounting debt crisis has triggered a strong warning from the Speaker of the House of Representatives, Abbas Tajudeen, who cautioned that the nation’s borrowing has breached its statutory ceiling and now poses a threat to fiscal stability.

The Speaker raised he alarm on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, held at the National Assembly in Abuja.

The conference, which drew parliamentarians, development partners, and financial experts from across West Africa, is focusing on the theme “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”

In his speech, Abbas expressed concerns that 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 per cent, well above the statutory ceiling of 40 per cent set by our own laws.

“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” the Speaker warned.

The revelation comes at a time when debt servicing continues to gulp a significant portion of government revenue, leaving little room for critical spending on infrastructure, health, and education.

According to fiscal experts, Nigeria now spends more on repaying loans than on social services, raising fears that the economy may be edging toward unsustainable levels.

Abbas described the breach of the debt limit 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.”

He drew parallels with the wider African debt landscape, where several countries are trapped in spiralling debt service obligations.

To mitigate fiscal risks, the Speaker announced that Nigeria is ready to champion the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC.

The framework, he explained, would harmonise debt reporting across the sub-region, set transparency standards, and empower parliaments with timely data to scrutinise borrowing practices.

In addition, he unveiled plans for a regional capacity-building programme for Public Accounts and Finance Committees, designed to equip members with modern tools for debt sustainability analysis and fiscal risk assessment.

While acknowledging that borrowing remains an important tool for development, Abbas warned against reckless debt accumulation.

“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 stressed.

The Speaker further reiterated the 10th House’s commitment to transparency and accountability in public finance. He said under its Open Parliament Policy, all major borrowing proposals would be subjected to public hearings, while simplified debt reports would be made available to citizens.

Abbas urged participants to approach deliberations with dedication, noting that the resolutions would play a vital role in strengthening fiscal responsibility and accountability across the continent.

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CNN anchor Christiane Amanpour, 67, reveals the ovarian cancer she was battling has returned

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Amanpour has now explained her absence, sharing that her cancer has returned in “fairly rare” form, before she went on to encourage other women to “listen to your body” and get checked.

“I have it again, but it’s being very well-managed, and this is one of the whole things that people have to understand about some cancers,” she said on the Changing the Ovarian Cancer Story podcast.

She continued: “I decided when I got back in front of the camera after four weeks — which included the surgery and a couple of weeks of recuperation before I started chemotherapy — I decided to say something because I actually wanted to do a service.

“Not just to my viewers, but also to those who might be in a similar situation and I wanted to say what had happened to me.

“I wanted to say listen to your body because part of the reason I got such quick care was because I listened to my body and went straight to the doctors.”

Amanpour, who was joined on the podcast by gynaecology oncology consultant Dr Angela George, explained that her current cancer has been diagnosed as “stage 1/2” which means it’s in its first stage but had “adhered to the pelvis”.

“Angela told me what it was and why I was potentially lucky because there were actually pain symptoms,” explained Amanpour. “There’s often no symptoms so many women don’t know, so I feel that I was lucky.”

Amanpour, who is the US broadcast network’s leading international correspondent after joining CNN in 1983, first revealed she was being treated for ovarian cancer in 2021, when she told viewers she had undergone surgery. She also shared at the time that she was preparing for a round of chemotherapy treatment.

“I’ve had successful major surgery to remove it and I’m now undergoing several months of chemotherapy for the very best possible long-term prognosis, and I’m confident,” Amanpour said at the time.

The anchor, who had been off the air in the weeks prior, pointed out that ovarian cancer is all too common, affecting “millions of women around the world.”

She added that she felt “fortunate to have health insurance through work and incredible doctors who are treating me in a country underpinned by, of course, the brilliant NHS.”

After speaking about her surgery and chemotherapy, Amanpour added: “I’m telling you this in the interest of transparency but in truth really mostly as a shoutout to early diagnosis.”

The reporter explained she wanted to “urge women to educate themselves on this disease; to get all the regular screenings and scans that you can; to always listen to your bodies; and of course to ensure that your legitimate medical concerns are not dismissed or diminished.”

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‘Economic Illiterate’ – Onanuga Attacks ARISE TV Anchor, Rufai Oseni

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The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has slammed ARISE Television anchor, Rufai Oseni, over an attack on the current administration.

It was reports that Oseni had shared an article accusing President Tinubu of being the mastermind of Nigeria’s rising debt profile.

Reacting to the post, Onanuga described Rufai as an economic illiterate, stressing that all nations borrow money and that Tinubu’s government borrowing has not breached the limit.

He wrote, “You are an economic illiterate! All sovereign nations borrow money.Our borrowing has not breached the limit by the rule.”

Responding to Onanuga, Rufai wrote, “Dear Egbon Bayo, you don’t need to abuse me and call me economic illiterate because I stated Nigerias debt! Challenge me with facts.

“Love and respect despite your abuses. you don’t need to abuse me. We all respect you as our Baba B. You can make your point without abuses. Why call me an economic illiterate because I stated facts!

“Kindly provide a contrary fact that Nigeria is not owing 152 trillion.”

Meanwhile, the Federal Inland Revenue Service (FIRS) recently defended the Federal Government’s borrowing strategy, insisting that debt is a legitimate and sustainable part of every national budget.

The FIRS Chairman, Zacch Adedeji, while addressing journalists during the Meet-the-Press series organised by the Presidential Communications Team at the Presidential Villa, Abuja.

Adedeji dismissed criticisms of the government’s debt profile, stressing that no nation in the world funds its budget solely on revenue.

“Borrowing is not a problem. It is part of every viable nation’s ecosystem. No country in the world survives entirely on its own revenue.

“When the government borrows from banks, it pays interest; banks pay salaries from that, and taxes are collected from their profits. It is a cycle that sustains continuity,” he explained.

The tax chief added that every budget is made up of three core components, expenditure, revenue, and loans, and that as long as government borrowing stays within what is approved by the National Assembly, there should be no controversy.

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Peter Obi Faults $1 Billion Lagos Port Project

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The 2023 Labour Party presidential candidate, Peter Obi, has urged the Federal Government to extend port development to other parts of the country.

Speaking on Friday via a post on his 𝕏 handle, he condemned the excessive investment in infrastructure in Lagos.

He lamented that such actions are carried out at the expense of other strategic ports such as Warri, Port Harcourt, Calabar, and Onne.

The former governor noted that if ports in other states were fully developed, it would enhance productivity, drive trade, create jobs, and open new economic corridors that would lift millions out of poverty across the federation.

He wrote, “I have noted the Federal Government’s recent approval of $1 billion (₦1.5 trillion) for the modernisation of the Apapa and TinCan Island Ports in Lagos.

“While any effort to improve efficiency and embrace technology in our maritime sector is commendable, such an initiative must be guided by accountability, transparency, and equity for all Nigerians. However, this development once again exposes a longstanding concentration of our port development only in Lagos.

“As one who understands the critical link between infrastructure, trade, and national growth, I believe that a truly national blue economy must carry every region along. Beyond physical infrastructure, reform must also address corruption, reduce bureaucracy, and embrace technology to create a seamless, paperless port system that enhances turnaround time and global competitiveness.

“If prudently managed, the Lagos modernisation project could become a model for broader maritime transformation, a reference point from which similar development radiates across the nation.

“Now more than ever, Nigeria must rebuild with fairness, guided by equity, integrity, and a clear vision to transform our nation from one of consumption to one of production and shared prosperity.”

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