Speaker Abbas makes U-turn on Nigeria’s debt crisis, says he never opposed borrowing

The Speaker of the House of Representatives, Tajudeen Abbas, has distanced himself from reports suggesting that he openly criticized government borrowing.

At the West Africa Association of Public Accounts Committees conference on Monday, Abbas raised alarm that Nigeria’s debt profile had reached “a critical point” and stressed the need for reforms in debt management and oversight.

“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to 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 own laws.

“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he said.

However, in a clarification  by his Special Adviser on New Media, Jowosimi Enitan, the Speaker insisted his comments were misinterpreted.

“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing,” Enitan stated.

According to him, Abbas, who was represented at the conference by PDP lawmaker Babatunde Salam, underscored that public debt could be beneficial if properly handled.

“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 further explained that Abbas’s remarks were not against borrowing itself, but a call for stronger transparency, accountability, and oversight in order to ensure that loans translate into meaningful development projects such as roads, schools, hospitals, and innovation.

“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,” he added.