The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has denied reports that he opposed borrowing by the Federal Government.
During a presentation at the West Africa Association of Public Accounts Committees conference on Monday, the speaker voiced alarm that Nigeria’s debt had reached “a critical point” and called for immediate reforms in borrowing and accountability.
“As of 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 percent, well above the statutory ceiling of 40 percent set by our own laws.
“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” the Speaker warned.
However, in a reply by his Special Adviser on New Media, Jowosimi Enitan, the speaker claimed that his comments were misconstrued.
Enitan highlighted that Abbas never advocated for a blanket condemnation of borrowing and instead favors responsible governmental debt when properly managed.
“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 that “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.
