The Digest:
Speaker of the House of Representatives, Tajudeen Abbas, has issued a strong warning against irresponsible borrowing practices as Nigeria’s public debt reaches N149.39 trillion. Speaking at the West Africa Association of Public Accounts Committees conference, Abbas emphasized the urgent need for transparent debt management and parliamentary oversight to protect the country’s economic future.
Key Points:
- Nigeria’s debt rose sharply from N121.7 trillion in 2024 to N149.39 trillion in Q1 2025.
- Debt-to-GDP ratio now stands at 52%, exceeding the statutory 40% limit.
- Abbas called for public hearings on major borrowing proposals and simplified debt reports for citizens.
- He stressed that borrowing should fund development—infrastructure, health, education—not consumption or corruption.
- Debt servicing is shrinking fiscal space for essential services, creating a “structural crisis.”
- Africa’s total debt is $1.8 trillion, with Sudan, Angola, Ghana, Kenya, and South Africa at high risk.
- Abbas urged domestic resource mobilization and reduced dependence on external financing.
Sources: TheCable
