ABBAS TAJUDEEN RAISES ALARM OVER NIGERIA’S 149 TRILLION NAIRA DEBT

‎The Speaker of the House of Representatives, Abbas Tajudeen, has
warned that Nigeria’s rising debt profile has reached a critical and
unsustainable level, stressing the urgent need for stronger legislative
oversight to safeguard the country’s economic future.
‎Speaking 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 Complex, Abuja,
Abbas disclosed that Nigeria’s total public debt hit ₦149.39 trillion, that's
about US$97 billion, in the first quarter of 2025.
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‎The Speaker warned that unless urgent reforms are undertaken, Nigeria
risks mortgaging the welfare of future generations.
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‎Abbas also painted a grim picture of Africa’s debt situation, noting that
the continent’s total public debt reached US$1.8 trillion by 2022, with
external debt projected to surpass US$1 trillion by 2023.
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‎He cited countries already in dangerous debt-to-GDP territory, including
Sudan at 344 percent, Angola at 136.8 percent, Ghana at 84 percent,
Kenya at nearly 70 percent, and South Africa above 77 percent.
‎According to him, the heavy reliance on costly commercial loans has left
African economies vulnerable.
‎Nevertheless, Abbas announced Nigeria’s readiness to spearhead the
establishment of a West African Parliamentary Debt Oversight
Framework under WAAPAC to harmonize debt reporting, set
transparency standards, and provide timely data for scrutiny.
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‎He also pledged the creation of a regional capacity-building programme
to strengthen Public Accounts and Finance Committees across West
Africa.