Federal Speaker Abbas Refutes Claims of Criticizing Federal Government's Loan Practices

Nigeria's Speaker of the House of Representatives, Tajudeen Abbas, has clarified his stance on the country's rising debt profile, denying reports that he raised an alarm and condemned borrowing by the federal government.

In a statement made on Monday by his Special Adviser on New Media, Jowosimi Enitan, Abbas explained that his concerns were not against borrowing but a call for stronger oversight, transparency, and accountability to ensure that debt translates into real development - roads, schools, hospitals, and innovation.

Earlier, Abbas was quoted as raising an alarm over Nigeria's rising debt profile, warning that it has surpassed the statutory ceiling and poses a serious threat to fiscal sustainability. However, in his rebuttal, he stated that he never called for a blanket condemnation of borrowing.

The current debt-to-GDP ratio in Nigeria stands at roughly 52%, well above the statutory ceiling of 40% set by the country's laws. Despite this, under the leadership of President Bola Tinubu, Nigeria has met its 2025 revenue target ahead of schedule, without reliance on borrowing.

President Tinubu is working assiduously to reduce reliance on borrowing through a robust non-oil revenue drive, showcasing responsible fiscal management. His efforts have been praised by many, including MHR Babatunde Salam, a PDP chieftain, who represented Speaker Abbas at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees.

Salam emphasized that the legislature's role is to ensure that every naira borrowed delivers tangible value to Nigerians. He added that if managed prudently, public debt can be a tool for growth and prosperity.

Oversight of public debt is a constitutional duty and a moral responsibility of parliament, according to Enitan, to safeguard Nigeria's financial future. Abbas supports responsible public debt when properly managed, including oversight functions.

As at the first quarter of 2025, Nigeria's total public debt stood at N149.39 trillion, equivalent to about US$97 billion. Abbas stated that if properly managed, public debt can be a veritable tool for national growth and development.

In conclusion, while there may be concerns about Nigeria's rising debt profile, Speaker Tajudeen Abbas and President Bola Tinubu are working together to ensure that borrowing is managed responsibly and that the debt translates into real development for the country.

Federal Speaker Abbas Refutes Claims of Criticizing Federal Government's Loan Practices