Speaker of the House of Representatives, Tajudeen Abbas, has reaffirmed his support for responsible public borrowing, stressing the need for transparency, accountability, and legislative oversight to ensure loans translate into tangible development projects such as roads, schools, and hospitals.
The clarification, issued Monday night by his Special Adviser on New Media, Jowosimi Enitan, followed reports quoting Abbas as condemning Nigeria’s rising debt profile. The reports had relied on remarks by Rep. Bamidele Salam, Chairman of the House Committee on Public Accounts, who represented Abbas at the 11th Annual Conference of the West Africa Association of Public Accounts Committees.
Salam had raised concerns that Nigeria’s debt stock—pegged at N149.39 trillion ($97bn) as of Q1 2025—had exceeded safe thresholds, with the debt-to-GDP ratio now at 52 percent, above the 40 percent statutory ceiling. He described the situation as “a structural crisis” requiring urgent reforms in borrowing practices and oversight.
However, Abbas’s aide dismissed suggestions that the Speaker opposed borrowing outright. Instead, he emphasized that Abbas supports borrowing only when properly managed and aligned with national development goals.
“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,” Enitan said.
He stressed that Abbas believes public debt, if managed prudently, can spur growth and prosperity, and pointed out that President Bola Tinubu’s administration is already reducing reliance on loans through aggressive non-oil revenue generation.
“For the first time in decades, Nigeria has met its 2025 revenue target ahead of schedule, without reliance on borrowing. This shows that with discipline, focus, and courage, we can secure economic sovereignty,” the statement added.
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