The Speaker of the House of Representatives, Tajudeen Abbas, has denied reports that he raised an alarm and condemned borrowing by the federal government of Nigeria.
The Speaker warned that mischief makers are only trying to misrepresent what he said.
Abbas, in a statement on Monday by his Special Adviser on New Media, Jowosimi Enitan, said his submission was that if properly managed, public debt can be a veritable tool for national growth and development.
Earlier, the House of Representatives Speaker was quoted to have raised an alarm over Nigeria’s rising debt profile, warning that it has surpassed the statutory ceiling and now poses a serious threat to fiscal sustainability.
Speaking on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja, Abbas who was represented by a member of the House, Babatunde Salam, said Nigeria’s debt had reached “a critical point.”
“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to 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,” the Speaker warned.
However, hours later, in a rebuttal by his media aide, the Speaker said he never called for a blanket condemnation of borrowing and supports responsible public debt when properly managed, including oversight functions.
Naijaonpoint reports that he added that under the leadership of President Bola Tinubu, Nigeria has met its 2025 revenue target ahead of schedule, without reliance on borrowing.
“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing.
“On the contrary, at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, where Speaker Abbas was duly represented by a PDP chieftain, MHR BABATUNDE SALAM, made it clear that:
“Public debt, if managed prudently, can be a tool for growth and prosperity.
“The legislature’s role is to ensure that every naira borrowed delivers tangible value to Nigerians.
“President Bola Ahmed Tinubu, GCFR, is already working assiduously to reduce reliance on borrowing through a robust non-oil revenue drive – proof of responsible fiscal management.
“For the first time in decades, Nigeria has met its 2025 revenue target ahead of schedule, without reliance on borrowing. This is proof that with discipline, focus, and courage, we can reduce dependence on external loans and secure our economic sovereignty,” the clarification read.
Enitan stated that Abbas didn’t condemn public borrowings but called for proper oversight, transparency and accountability so that it translates to the development of Nigeria’s economy.
“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.”
“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,” he added.
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