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

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5 months ago

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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.

See also  See what shut House of Reps plenary down amid tension

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Build Nigeria from grassroots, not just Abuja, Lagos – Ex-presidential candidate

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February 1, 2026

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Adewole Adebayo, leader of the Social Democratic Party, SDP, and its presidential flagbearer in the 2023 general election, has stressed that Nigeria’s long-term progress lies in nurturing safe, productive and self-sustaining communities at the grassroots.

Adebayo spoke in Numan, Adamawa State, at a reception organised in his honour following the conferment of a traditional title on him by the Bachama kingdom.

While addressing traditional rulers, community leaders and residents, he described the Bachama people as a vital component of the Nigerian project, noting that the destiny of the nation is inseparable from the wellbeing of its local communities.

“The development of this land is the development of Nigeria because Nigeria is not just an idea; it is the land and the people,” he said.

He portrayed Numan and its environs as a rich heritage placed in the care of its people, urging citizens to take collective responsibility for nurturing the land, ensuring fair access to resources and raising families in conditions of safety and dignity.

The SDP leader also raised concerns about what he termed the over-centralisation of governance, arguing that efforts to drive national development primarily from Lagos in the past and later from Abuja have yielded limited success.

“The only time Nigeria will truly work is when we build it from the communities,” he said, adding that the true measure of national strength should be seen in the safety of homes, the quality of education and the freedom of young people to grow without fear.

According to him, meaningful development must allow families to farm, rear livestock, educate their children and participate actively in the economy within their local environments.

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Drawing parallels with countries such as the United States, Germany and Russia, Adebayo said enduring national success is built by citizens who flourish in their towns and villages, supported by access to electricity, water, security and economic opportunities.

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FG spent billions on Conference Centre but primary schools remain shut in FCT – Peter Obi

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15 minutes ago

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February 1, 2026

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The 2023 presidential candidate of the Labour Party, Peter Obi, has expressed displeasure at the lingering strike by primary schools teachers in the Federal Capital Territory, FCT.

In a post on his official X handle, Obi said it is worrisome that the government spent billions of naira to renovate the International Conference Centre while primary schools in the nation’s capital remain on strike.

According to him, education is a cornerstone of national development.

He lamented that countless children remain out of school and those in school cannot attend because of insecurity or teachers’ strikes.

“This is particularly tragic in Abuja, the seat of government, where schools remain shuttered.

“This is the same Abuja where billions were squandered on renovating a conference centre for the president and Bus Terminals.

“One must question whether our leaders genuinely appreciate the vital role of education,” he wrote.

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

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29 minutes ago

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February 1, 2026

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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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