The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has sounded a stern warning about Nigeria’s escalating debt crisis, describing the nation’s borrowing trajectory as “alarming” and urging an immediate halt to reckless financial practices.
Speaking at a two-day National Conference on ‘Debt and Development’ organized by the African Network for Environment and Economic Justice (ANEEJ) in Abuja, Tajudeen emphasized that Nigeria’s debt has surpassed statutory thresholds, posing a severe threat to fiscal sustainability.
Tajudeen highlighted the country’s ballooning public debt, which, according to the Debt Management Office (DMO), stood at N149.39 trillion in Q1 2025, with projections suggesting it could exceed N183 trillion if recent borrowing requests are approved.
“Our debt profile has crossed the line of sustainability. We cannot continue this reckless borrowing spree that mortgages the future of our children,” he stated, calling for greater scrutiny of loan requests and a focus on diversifying the economy through sectors like agriculture, technology, and the blue economy.
The Speaker’s remarks come amid growing concerns over President Bola Tinubu’s administration’s borrowing plans, including a proposed $24 billion in external loans for the 2025–2026 fiscal cycle, which has drawn criticism from opposition figures like Atiku Abubakar and Peter Obi.
Tajudeen, however, stressed the need for legislative oversight, noting that the National Assembly, under his leadership and Senate President Godswill Akpabio, has faced accusations of approving loans without sufficient resistance.
“We must balance the need for development with fiscal discipline. Borrowing must be tied to tangible projects, not recurrent expenses,” he said.
The conference, attended by DMO officials, civil society organizations, and media, also featured calls for debt cancellation from ANEEJ’s Executive Director, Rev. David Ugolor, who urged global creditors like the World Bank and IMF to forgive Nigeria’s debts to alleviate economic strain.
Tajudeen echoed the need for sustainable financial strategies, warning, “If we do not act now, Nigeria risks a financial collapse that will affect generations.”
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