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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.

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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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Officers behind foiled coup knew consequences of their action – Defense Minister

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Minister of Defence, Gen. Christopher Musa, rtd, says military officers arrested over the foiled coup knew the consequences of their action and are ready to face the wrath.

Musa said this when he appeared on TRT World, a Turkish broadcaster, stating that the accused persons would receive a fair trial, with access to legal counsel of their choice.

According to him, families of the alleged coup plotters would be looked after by the government.

“They must have made up their minds when they decided to do this and must have considered their families.

“But even at that, the government is ensuring that their families are treated fairly.

“Their family members are not left alone. The government is making sure that their wives and children are looked after.

“The perpetrators already know the repercussion of their action, and I’m sure they are ready to face the wrath,” he said.

It was recalls that the 16 implicated officers, including a Brigadier-General and Colonel, were arrested in October 2025 by the defence headquarters, DHQ.

The DHQ, on January 26, finally confirmed that there was a plot to oust President Bola Tinubu.

According to the military, the plot uncovered in late September 2025 through joint intelligence from the army, Department of State Services, DSS, and Defence Intelligence Agency, DIA, allegedly involved plans to assassinate Tinubu, Vice-President Kashim Shettima, and other top government figures, as well as arrest senior military leaders.

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Sultan backs Sharia law in Oyo, Ekiti

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President-General, Nigeria Supreme Council of Islamic Affairs (NSCIA) and Sultan of Sokoto, Muhammad Sa’ad Abubakar III, has expressed support for the establishment of an Independent Shariah Arbitration Panel in Ekiti and Oyo states.

But the Aare Ona Kakanfo of Yorubaland, Gani Adams, condemned the attempt to introduce Sharia in the South West, saying it is alien to Yoruba culture and religious beliefs.

The 20th Sultan of Sokoto and the spiritual leader of Nigeria’s Muslims also expressed concern about the spate of intolerance and disregard for the rights of Muslims, especially in the southern part of the country. He noted that Muslims in the South West had been denied their constitutional rights to a Shariah Court of Appeal.

In a statement, yesterday, by the Deputy National Legal Adviser of NSCIA, Haroun Eze, the traditional ruler lamented the unwarranted resistance and objections from political and traditional quarters to the Muslim community’s efforts to establish an Independent Shariah Arbitration Panel in Ekiti.

He said this was coming barely a few weeks after the announcement on the inauguration of a Shariah panel in Oyo generated “unnecessary anxiety, thereby leading to its indefinite postponement.

“The Independent Arbitration Panel, which is a voluntary platform designed solely for the resolution of civil and marital disputes among consenting Muslims, was to fill the inexplicable vacuum created by the failure of the political elite in the South West to establish Sharia courts, as allowed by the Nigerian Constitution, in South West, despite the huge population of Muslims in the region,” Sultan said.

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According to the monarch, such scenarios as the denial of the rights of female students to wear the Hijab despite a Supreme Court judgment, are nothing but calculated attempts to prevent Muslims in the region from practising their faith.

Speaking during the 2025 Oodua festival at Enuwa Square, Ile-Ife, Osun State, yesterday, Adams stressed that the introduction of Sharia was to destabilise the Yoruba land by religious fanatics and fundamentalists. He emphasised that while Saudi Arabia is an Islamic kingdom where Sharia aligns with religious teachings and is widely accepted, Nigeria remains a nation where the constitution guarantees freedom of religion.

According to him, Saudi Arabia is a good example of an Islamic kingdom that practises Sharia law according to the Holy Quran. He said: “The Saudis also adhere strictly to the law, and they are happy because Sharia law is in tandem with their religious beliefs and teachings. But Nigeria is a secular nation where the constitution allows every citizen to practise whatever religion they believe in freely without any intimidation.

“Sharia law is alien to our culture and religious beliefs in Yoruba land; therefore, those religious fanatics masquerading as Muslims should stay away from acts that could set Yorubaland on fire.”

Meanwhile, berating the recent influx of Islamic State’s West Africa Province (ISWAP) in the South West, Adams called on the federal and state government to intensify efforts to tackle insecurity in the region. Adams further expressed the readiness of the Oodua People’s Congress (OPC) to partner other security groups in curbing the scourge in Yoruba land.

See also  Shettima returns to Abuja after attending UNGA, meetings in Germany

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Statement on the Rejection of Sharia Law in South-West Nigeria

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The Sultan of Sokoto and the leadership of the Nigerian Supreme Council for Islamic Affairs (NSCIA) must clearly understand this position: the Yoruba people of South-West Nigeria do not need, want, or accept Sharia law as a governing system in their land.

Yoruba society is uniquely pluralistic. In most families across the South-West, Christians, Muslims, and traditional worshippers coexist peacefully under the same roof. This interwoven family structure is one of our greatest strengths. Introducing Sharia law into such a setting would place families on a collision course, fracture long-standing relationships, and undermine the shared values that have sustained our people for generations.

It is important to ask a fundamental question: Is it compulsory or by force that Muslims must live under Sharia law? Many Muslims across the world practice their faith peacefully without imposing religious law on diverse societies. Faith should be a personal conviction, not a political weapon.

Any attempt—direct or indirect—to Islamise the South-West against the will of its people will be firmly resisted through lawful and collective means, because the Yoruba are not a monolithic religious bloc. Our philosophies, cultures, and worldviews are distinct. We cherish family unity, tolerance, and mutual respect above religious extremism.

Let it be clearly stated: the Yoruba are not religious bigots, nor are we extremists. We are a civilized people who value progress, coexistence, and peace. We reject anything that may plunge our land into chaos, division, or bloodshed. Therefore, those advocating Sharia governance should restrict such ambitions to regions where it is openly accepted. The people of the South-West are not interested.

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Nigeria is constitutionally a secular state, and the implementation of Sharia law as a state system directly contradicts the principles of secularism, equal citizenship, and fundamental human rights. If Nigeria intends to remain united, no religious legal system should be imposed on unwilling populations.

Furthermore, the practical outcomes of Sharia implementation in parts of Northern Nigeria raise serious concerns. These include:

Persistent insecurity and terrorism

Banditry and mass kidnapping

Ethnic and religious tensions

Widespread poverty and hunger

High levels of illiteracy

Deep social inequality and segregation

These realities cannot be ignored, and they offer no justification for exporting such a system to the South-West.

To our Muslim brothers and sisters in the OduduwaYorubaterritory: peaceful coexistence is our collective responsibility. We must not allow the mistakes and crises of other regions to destabilize our homeland. The Yoruba way has always been dialogue, tolerance, and mutual respect—and we intend to preserve it.

Leave the Oduduwa Yoruba land as it is. Let us live in peace.

Ire oooo.

Signed
Comrade Oyegunle Oluwamayowa Omotoyole (Omayor)
Oduduwa Nation Home-Based Youth Leader.

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