Speaker Abbas denies condemning Nigeria’s borrowing, calls for stronger oversight

The Speaker of the House of Representatives, Abbas Tajudeen, has dismissed reports suggesting that he condemned government borrowing, insisting instead that his remarks were misrepresented.

Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees on Monday, Tajudeen raised concerns over Nigeria’s rising debt profile, which he described as “a structural crisis that demands urgent parliamentary attention and coordinated reform.”

“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion (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,” the Speaker noted.

However, in a statement by his Special Adviser on New Media, Jowosimi Enitan, the Speaker clarified that he never condemned borrowing outright, but rather emphasized the need for responsible debt management.

“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing. Public debt, if managed prudently, can be a tool for growth and prosperity,” Enitan said.

He explained that the Speaker’s message was focused on oversight, transparency, and accountability, ensuring that every naira borrowed delivers tangible value to Nigerians in the form of infrastructure, healthcare, education, and innovation.

Enitan further highlighted President Bola Ahmed Tinubu’s efforts to reduce reliance on borrowing through a robust non-oil revenue drive. According to him, Nigeria has, for the first time in decades, met its 2025 revenue target ahead of schedule without depending on external loans.

“The Speaker’s call was not against borrowing,” Enitan stressed, “but for stronger oversight so that debt translates into real development. 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.”

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