Speaker of the House of Representatives, Tajudeen Abbas, has dismissed claims suggesting he condemned Nigeria’s borrowing practices, insisting his comments were distorted by individuals “bent on mischief.”
In a statement issued late Monday by his Special Adviser on New Media, Jowosimi Enitan, Abbas clarified that his position has always been that public debt, when effectively managed, remains a useful instrument for driving economic growth and national development.
The clarification followed media reports quoting the Speaker warning that Nigeria’s rising debt profile had exceeded the legal threshold and now posed a serious threat to fiscal sustainability.
Speaking earlier at the opening session of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas, represented by House member Babatunde Salam, highlighted concerns over Nigeria’s debt position.
“As of the first quarter of 2025, our total public debt stands at about ₦149.39 trillion, approximately $97 billion,” he said.
“The debt-to-GDP ratio has climbed to 52 per cent, surpassing the 40 per cent limit allowed under Nigerian law. This is a structural challenge that demands urgent parliamentary action.”
However, in a subsequent rebuttal, Abbas’ media team stressed that the Speaker did not call for an outright rejection of borrowing but advocated for stronger oversight to ensure that every loan taken delivers measurable benefits to Nigerians.
“For the record, Speaker Abbas never condemned borrowing,” Enitan explained.
“He made it clear that if managed prudently, public debt can fuel development and prosperity.
The legislature’s duty is to ensure accountability and transparency so that borrowed funds transform into visible projects, roads, hospitals, schools, and innovation.”
The statement also commended President Bola Ahmed Tinubu’s economic strategy, noting that Nigeria has already achieved its 2025 revenue target ahead of schedule without additional borrowing, a development described as evidence of improved fiscal discipline.
“President Tinubu is working to reduce dependence on external loans through a stronger non-oil revenue drive,” the statement added.
“This marks a critical step toward protecting our economic sovereignty.”
Abbas emphasised that parliamentary oversight of public debt is both a constitutional responsibility and a moral duty, aimed at safeguarding Nigeria’s financial future, not courting political controversy.
“This conversation is not about condemning borrowing,” the statement concluded, “but about ensuring that every naira borrowed delivers real, lasting value for the Nigerian people.”
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