{"id":122091,"date":"2025-09-08T20:52:26","date_gmt":"2025-09-08T19:52:26","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=122091"},"modified":"2025-09-08T20:52:26","modified_gmt":"2025-09-08T19:52:26","slug":"abbas-urges-tougher-oversight-as-nigerias-debt-climbs-to-%e2%82%a6149trn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/abbas-urges-tougher-oversight-as-nigerias-debt-climbs-to-%e2%82%a6149trn\/","title":{"rendered":"Abbas Urges Tougher Oversight as Nigeria\u2019s Debt Climbs to \u20a6149trn"},"content":{"rendered":"<div>By Tracy Moses<\/div>\n<div><\/div>\n<div>The Speaker of the House of Representatives,\u00a0 Abbas Tajudeen, has expressed concern over Nigeria\u2019s ballooning debt stock, urging African legislatures to intensify scrutiny of public borrowing and debt management practices.<\/div>\n<div><\/div>\n<div>Speaking in Abuja on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC), hosted by the House Committee on Public Accounts with support from development partners, Abbas warned that Nigeria\u2019s fiscal health is under increasing strain.<\/div>\n<div><\/div>\n<div>According to him, the nation\u2019s public debt rose to \u20a6149.39 trillion (about US$97 billion) in the first quarter of 2025, up from \u20a6121.7 trillion in 2024. He noted that the debt-to-GDP ratio now stands at 52 percent, well above the 40 percent legal benchmark.<\/div>\n<div><\/div>\n<div>\u201cThis breach of the statutory ceiling underscores the pressure on our fiscal sustainability,\u201d the Speaker cautioned. \u201cIt is a clear reminder of the urgent need for effective oversight, transparency in borrowing, and accountability to ensure that every naira borrowed yields measurable social and economic returns.\u201d<\/div>\n<div><\/div>\n<div>Abbas stressed that while borrowing can stimulate growth if prudently managed, unchecked debt accumulation endangers economic stability and mortgages the future of younger generations. He described parliamentary oversight of debt as both \u201ca constitutional obligation and a moral duty.\u201d<\/div>\n<div><\/div>\n<div>Looking beyond Nigeria, the Speaker pointed out that Africa\u2019s debt burden reached US$1.8 trillion in 2022, with projections showing external debt crossing US$1 trillion by 2023. He lamented that many African countries now allocate more resources to servicing debt than to healthcare and other essential sectors.<\/div>\n<div><\/div>\n<div>Breaking down Africa\u2019s debt composition, Abbas revealed that Western private creditors account for 35 percent, multilateral lenders 39 percent, bilateral creditors 13 percent, while Chinese loans stand at only 12 percent, contrary to widespread perception.<\/div>\n<div><\/div>\n<div>\u201cThe steep cost of commercial loans and the repayment obligations in foreign currencies expose African economies to severe external shocks,\u201d he explained. \u201cIf Africa must move from fragility to resilience, we need to rethink reliance on external finance, boost intra-African trade, and expand domestic resource mobilization.\u201d<\/div>\n<div><\/div>\n<div>As part of Nigeria\u2019s response, Abbas disclosed that the country will spearhead the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative, he said, aims to standardize debt reporting across the sub-region, enhance transparency, and equip parliaments with real-time information for proper monitoring of borrowing activities.<\/div>\n<div><\/div>\n<div>He further announced plans for a regional capacity-building scheme for Public Accounts and Finance Committees, to be jointly driven by Nigeria, WAAPAC, and development partners. The programme will focus on debt sustainability tools, fiscal risk analysis, and oversight of complex financing instruments.<\/div>\n<div><\/div>\n<div>Highlighting the House\u2019s Open Parliament policy in place since 2023, Abbas insisted that borrowing plans must undergo public hearings and debt reports should be simplified for citizens\u2019 access. \u201cOversight works best when it combines parliamentary scrutiny with people\u2019s participation,\u201d he said.<\/div>\n<div><\/div>\n<div>The Speaker reaffirmed the lower chamber\u2019s dedication to accountability in public finance, stressing that loans must be channeled to infrastructure, healthcare, education, and job creation, not to waste or corruption.<\/div>\n<div><\/div>\n<div>He commended WAAPAC for advancing peer learning and accountability among parliaments since its inception in 2009, describing the body as \u201ca symbol of regional cooperation and solidarity.\u201d<\/div>\n<div><\/div>\n<div>Declaring the conference open, Abbas urged participants to develop actionable strategies for sustainable debt management.<\/div>\n<div><\/div>\n<div>\u201cThe communiqu\u00e9s and recommendations from this meeting can reshape public financial governance in Africa and reinforce transparency in Nigeria,\u201d he concluded.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Tracy Moses The Speaker of the House of Representatives,\u00a0 Abbas Tajudeen, has expressed concern over Nigeria\u2019s ballooning debt stock, urging African legislatures to intensify scrutiny of public borrowing and&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":119802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-122091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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