Speaker of the House of Representatives, Tajudeen Abbas, has warned that Nigeria’s debt burden has reached a dangerous level that threatens economic stability. Speaking at the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, he disclosed that the country’s total debt rose to N149.39 trillion ($97bn) in Q1 2025, compared to N121.7 trillion the previous year.
Abbas said Nigeria’s debt-to-GDP ratio now stands at 52 percent, far above the 40 percent legal threshold. He described the situation as a “structural crisis” requiring urgent reforms, stressing that loans must be tied to infrastructure, education, healthcare, and industries that generate jobs rather than reckless borrowing that fuels consumption and corruption.
The Speaker also announced plans for a regional Parliamentary Debt Oversight Framework under WAAPAC to harmonise reporting and boost transparency across West Africa. He pledged that the 10th House would strengthen accountability through its Open Parliament policy, subjecting major borrowing proposals to public hearings while making debt reports accessible to citizens.