Speaker of the House of Representatives, Dr. Abass Tajudeen, has raised alarm over Nigeria’s growing public debt, which reached N149.39 trillion (around US$97 billion) in the first quarter of 2025.
Domestic borrowing accounts for 53 per cent of the total, while external borrowing makes up 47 per cent.
Speaking at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Account Committees (WAAPAC) at the National Assembly complex in Abuja on Monday, Dr. Tajudeen highlighted that this figure represents a sharp rise from ₦121.7 trillion in the previous year, underscoring the rapid escalation of the debt burden.
He expressed particular concern over Nigeria’s debt-to-GDP ratio, which now stands at roughly 52 per cent—well above the statutory limit of 40 per cent set by law. He stressed that this breach signals strain on fiscal sustainability and called for stronger oversight, transparent borrowing practices, and a commitment to ensuring that borrowed funds yield tangible economic and social returns.
Dr. Tajudeen further placed Nigeria’s situation in a continental context, noting that Africa’s total public debt reached an estimated US$1.8 trillion by 2022, with external debt alone expected to surpass US$1 trillion by 2023. He warned that several African countries are in dangerous debt-to-GDP territory, citing Sudan at 344 per cent, Angola at 136.8 per cent, Ghana at 84 per cent, Kenya at nearly 70 per cent, and South Africa above 77 per cent.
Highlighting the consequences, he noted that in many cases, governments are spending more on debt servicing than on essential services like healthcare, reducing fiscal space for development. He described the situation as not only a budgetary challenge but a structural crisis that requires urgent parliamentary attention and coordinated reform.
Dr. Tajudeen also detailed Africa’s debt composition, revealing that Western private lenders hold about 35 per cent, multilateral institutions such as the World Bank and IMF account for 39 per cent, bilateral loans from other governments make up 13 per cent, and Chinese creditors hold 12 per cent. He pointed out that in 2019, bondholders alone represented 27 per cent of Africa’s external debt, surpassing China as the single largest creditor group.
“The implications of this structure are far-reaching. A significant share of our national revenues is tied to debt servicing rather than being invested in the things our people need most: roads, schools, hospitals, and innovation,” he said, adding that high-cost commercial loans and foreign currency repayment obligations leave African economies vulnerable to market shocks, constrain domestic policy choices, and slow sustainable development.
Dr. Tajudeen urged African nations to negotiate fairer borrowing terms, reduce reliance on external finance, mobilize domestic resources, promote intra-African trade, and develop financial instruments tailored to the continent’s development priorities. “Only then can we move from vulnerability to resilience, and from dependency to true economic sovereignty,” he stated.
He concluded by stressing the importance of institutional strength, vigilance, and knowledge in overseeing public debt. Calling on WAAPAC participants to share experiences and develop strategies for responsible debt governance, he emphasized that empowered Public Accounts and Finance Committees are essential to safeguarding fiscal discipline and protecting economies from reckless borrowing.
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