Speaker of the House of Representatives, Abbas Tajudeen, has denied reports that he condemned Nigerian government borrowing, less than 12 hours after he had reportedly raised an alarm about the nation’s surging debt profile.
The Daily Crucible reports that Speaker Tajudeen Abbas, had earlier expressed concern over the country’s soaring debt status, warning that it had breached the statutory ceiling, signaling grave threat to fiscal sustainability.
Abbas said Nigeria’s debt had reached “a critical point,” requiring urgent reforms in borrowing practices and oversight to tame the surge.
He spoke at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja on Monday.
: “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 percent, well above the statutory ceiling of 40 percent set by our own laws,” he said.
Continuing, the Speaker also described the debt limit breach as “a signal of strain on fiscal sustainability,” and called for “stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
However, in a rebuttal by his Special Adviser on New Media, Jowosimi Enitan, the speaker said his words were misrepresented.
Enitan clarified that Tajudeen did not condemn borrowing, stressing he supports responsible public debt when properly overseen.
“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing.
“On the contrary, at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, where Speaker Abbas was duly represented by a PDP chieftain, MHR BABATUNDE SALAM, made it clear that:
“Public debt, if managed prudently, can be a tool for growth and prosperity.
“The legislature’s role is to ensure that every naira borrowed delivers tangible value to Nigerians.
“President Bola Ahmed Tinubu, GCFR, is already working assiduously to reduce reliance on borrowing through a robust non-oil revenue drive – proof of responsible fiscal management.
“For the first time in decades, Nigeria has met its 2025 revenue target ahead of schedule, without reliance on borrowing. This is proof that with discipline, focus, and courage, we can reduce dependence on external loans and secure our economic sovereignty.
Enitan stated: “The Speaker’s call was not against borrowing, but for stronger oversight, transparency, and accountability so that debt translates into real development—roads, schools, hospitals, and innovation.
“Let it be known: oversight of public debt is a constitutional duty and a moral responsibility of parliament. This is about safeguarding Nigeria’s financial future, not playing to the gallery of mischief-makers.”
