Speaker of the House of Representatives, Abbas Tajudeen, has denied reports that he condemned government borrowing, clarifying instead that his remarks were a call for transparency and stronger oversight of Nigeria’s rising debt profile.
The Speaker, while addressing the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees on Monday, expressed concern that the country’s debt had reached “a critical point.” He warned that urgent reforms were needed to safeguard Nigeria’s financial stability.
“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,” he noted.
However, in a statement issued by his Special Adviser on New Media, Jowosimi Enitan, Tajudeen dismissed claims that he had condemned borrowing outright.
“For the record, Speaker Abbas Tajudeen never condemned borrowing. On the contrary, he made it clear that public debt, if managed prudently, can be a tool for growth and prosperity,” Enitan stated.
He explained that the Speaker’s focus was on ensuring that every loan taken by government is used productively and delivers tangible benefits to citizens.
“The legislature’s role is to ensure that every naira borrowed delivers value to Nigerians—roads, schools, hospitals, and innovation,” Enitan said, adding that President Bola Tinubu’s non-oil revenue drive had already reduced reliance on borrowing, with Nigeria meeting its 2025 revenue targets ahead of schedule.
According to him, the Speaker’s position was not a blanket rejection of loans but an insistence on stronger accountability.
“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 added.
