News

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

Published

4 months ago

September 8, 2025

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.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 512

News

PHOTOS & VIDEO: Fire razes part of Ogun free trade zone, Igbesa

Published

9 hours ago

January 11, 2026

Oluwagbenga Olaoye

A fire outbreak has occurred at the mattress section of the Ogun–Guangdong Free Trade Zone (OGFTZ), Igbesa, on Sunday.

It was gathered that the fire was triggered by a gas explosion from a foam-producing company in the industrial park.

The incident has reportedly caused chaos and fear among students living around the Obanla axis of the area.

In a video obtained by our correspondent, students were seen running out of their hostels as the thick smoke covered the sky.

An eyewitness, Kuwhede Vincent, a student of the Ogun State Institute of Technology, OGITECH, Igbesa, disclosed that there was a loud noise followed by smoke and fire.

Vincent said, “ It started around 8 am in the morning, we first saw smoke then fire coming from the company.

“The company is very close to my hostel but I don’t think any hostel was affected. We just carried our bag because we don’t know what can happen next”.

He noted that the fire service were on ground to curtail the fire.

Reacting to the incident, President of the Student Union Government in OGITECH, Ilo Fadilu Temitope, in a statement signed by its secretary, Moses Josephine and PRO Segbetin Sunday, and made available to called for calm among students, urging them to be vigilant, and adhere strictly to safety measures.

Part of the statement reads, “The attention of the Students’ Union Government has been drawn to information reaching us regarding a fire outbreak at the Ogun–Guangdong Free Trade Zone (OGFTZ), Igbesa, which is in close proximity to some student hostels around the Obanla axis.

“While relevant authorities are reportedly responding to the situation, the Students’ Union deems it necessary to prioritize the safety and well-being of all students.

“In view of this, students especially those residing around Obanla axis and its environs are hereby advised to remain calm but vigilant, and to strictly observe the following safety measures: Avoid unnecessary movement towards the affected area or fire scene, stay indoors where it is safe to do so and keep doors and windows closed if there is smoke in the environment, switch off electrical appliances and gas sources as a precaution.”

As of the time of filing this report, there has not been any official statement on the cause of the incident.

When contacted by our correspondent, the Commissioner of the State’s Ministry of Environment, Ola Oresanya said, “Thanks for the information, I will work on it immediately.”

Many houses affected as fire guts Ogun Free Trade Zone pic.twitter.com/pYIjbLwGhJ

— Temitope Hassan (@temihat) January 11, 2026

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 12

News

Demolition notice: Ogun communities cry out, call for Gov Abiodun’s intervention

Published

10 hours ago

January 11, 2026

Oluwagbenga Olaoye

About 15 communities in the Abeokuta South Local Government Area of Ogun State have called for the intervention of Governor Dapo Abiodun over alleged plot to demolish their villages and acquire their land.

The communities include Itori Mogan, Laaki, Jaguna, Ogunu, Paashi, Kumapayi, and Abule Odo of Ijemoland among others.

According to the villagers, the community which is over 300 years was excised by former governor Otunba Gbenga Daniel’s administration.

It was gathered that the state government, through the its Planning and Development Permit Authority, Abeokuta Metro Zonal Planning Office, served a demolition notice with service number 00047932 on the occupiers of Itori Mogan village on Friday, accusing them of contravening the Land Use Act of Ogun State for residing in Hillcrest Estate.

In the demolition notice dated January 9, 2026, the government gave the occupiers three days deadline to vacate the affected villages that fell within its acquisition.

Expressing their displeasure on Saturday, the Baale of Ogunro, Chief Olakunle Bodunde, speaking on behalf of the villages marked for demolition, lamented that the present administration is bent on taking the remaining part of the community for an estate development, while rendering members of the community homeless.

He noted that the matter was in court and despite several meetings with the government, a demolition notice was pasted on their buildings.

He said, “We have taken significant steps to address this issue. We had meetings with the government, and now the matter is in court.

“We have served them, and the government has been notified, but they are not showing up in court, and now they have come to paste demolition notices on our buildings.

“We want things to be done with due process. The court has not made a pronouncement yet.”

Also speaking, Chief Oludare Salako, the Baale of Itori Mogan, said the communities have different ancestral gods which according to him cannot be relocated, saying that forceful eviction could spell danger.

He appealed to the state governor to intervene, expressing the belief that he may not be aware of the incident.

“We want Governor Dapo Abiodun to intervene, as we believe he may not be aware of these alleged land grabbers in his government. We want him to look critically into the matter and stop their actions,” Salako added.

The Aro of Egbaland and Oluwo of Ijemo, High Chief Oluyinka Kufile, urged the villagers to engage in dialogue with the government and be hopeful.

“If you have a right, no government will stop you from exercising your right. So my advice is to dialogue.

“We have signed pacts with the present government on some particular land and villages. Go there, visit the office, and make inquiries. Why again are they trying to take back the land,” he said.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 11

News

Full List Of Countries Nigerians Travel To Without Visa

Published

10 hours ago

January 11, 2026

Oluwagbenga Olaoye

Nigerian passport holders can now travel to 45 countries worldwide without obtaining a visa in advance, according to the latest update from Visaindex.

The development significantly eases international travel for Nigerians, providing broader options for tourism, business, education and family visits.

Of the 45 destinations, 27 countries allow visa-free entry for Nigerian citizens, while the remaining operate visa-on-arrival or Electronic Travel Authorisation (eTA) regimes. Entry conditions vary by country, but the update signals an expansion of global mobility opportunities for Nigerians.

Several African nations have adopted open-border policies aimed at boosting regional integration, trade and tourism.

The Gambia – Since 2019, the country has declared itself a visa-free zone for all African travellers, extending the policy to Commonwealth nations, the European Union, and select Baltic states.

Benin – Inspired by Rwanda, Benin lifted visa restrictions for all Africans in 2019, strengthening its position as a commercial and transit hub in West Africa.

Kenya – In October 2023, President William Ruto announced the removal of visa requirements for all African visitors to enhance trade, tourism and continental connectivity.

Rwanda – Since November 2023, Rwanda has granted visa-free entry to all Africans without fees, reinforcing its reputation as a leading tourism and conference destination.

Ghana – Ghana recently joined the visa-free league for Africans, a move expected to attract investors, tourists and business travellers as it positions itself as a regional hub.

Other Visa-Free Or Easy-Access Destinations

Nigerian passport holders can also access the following countries either visa-free, via visa-on-arrival, or through eTA arrangements:

Barbados

Burkina Faso

Cameroon

Cape Verde

Chad

Cook Islands

Côte d’Ivoire

Dominica

Fiji

Guinea