The Speaker of the House of Representatives, Tajudeen Abbas, has dismissed reports claiming that he openly condemned the Federal Government’s borrowing practices.
At the West Africa Association of Public Accounts Committees (WAAPAC) conference on Monday, Abbas had raised concerns over Nigeria’s rising debt profile, warning that it had reached “a critical point” and called for reforms in debt management and oversight.
“As of the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, about US$97 billion. 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 laws. This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he said.
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However, in a clarification issued by his Special Adviser on New Media, Jowosimi Enitan, the Speaker maintained that his comments had been misinterpreted.
“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing,” Enitan stated. He explained that Abbas, who was represented at the conference by PDP lawmaker Babatunde Salam, emphasized that borrowing could serve as a useful tool for growth if properly managed.
“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,” Enitan noted.
He further highlighted that President Bola Tinubu is already working to reduce reliance on borrowing through a stronger non-oil revenue drive. “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,” he said.
Enitan stressed that Abbas’s remarks were not against borrowing itself but a call for transparency, accountability, and effective oversight to ensure that loans are channeled into meaningful development projects such as roads, schools, hospitals, and innovation.
“Oversight of public debt is a constitutional duty and a moral responsibility of parliament. The Speaker’s position is about safeguarding Nigeria’s financial future, not playing to the gallery of mischief-makers,” Enitan added.