SPEAKER of the House of Representatives, Hon. Abbas Tajudeen, has denied reports suggesting that he condemned Nigeria’s borrowing practices, insisting that his remarks at a regional conference were misrepresented.
Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) on Monday, Abbas had raised concerns over Nigeria’s mounting debt profile, warning that the country’s fiscal situation had reached “a critical point.”
“As at the first quarter of 2025, Nigeria’s total public debt stood at **₦149.39 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.
“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” Abbas was quoted as saying.
The comments quickly sparked media reports portraying the Speaker as having condemned government borrowing outright.
However, in a rebuttal issued by his Special Adviser on New Media, Jowosimi Enitan made available to News Point Nigeria, the Speaker clarified that he had not condemned borrowing but instead called for responsible debt management and stronger legislative oversight.
“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing,” Enitan said. “On the contrary, at the WAAPAC conference, where he was represented by Hon. Babatunde Salam, he emphasised that public debt, if managed prudently, can be a tool for growth and prosperity.”
Enitan stressed that the Speaker’s central message was about ensuring transparency, accountability, and oversight in how loans are contracted and spent.
“The legislature’s role is to ensure that every naira borrowed delivers tangible value to Nigerians. 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,” Enitan added.
He further highlighted President Bola Ahmed Tinubu’s efforts to reduce Nigeria’s reliance on debt, noting that for the first time in decades, the country had met its 2025 revenue target ahead of schedule without depending on borrowing.
“This is proof that with discipline, focus, and courage, we can reduce dependence on external loans and secure our economic sovereignty,” Enitan said.
The clarification underscores the Speaker’s position that while Nigeria’s rising debt is worrisome, borrowing remains a necessary fiscal tool if deployed responsibly.
“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,” the statement concluded.