Nigeria’s Rising Debt: Speaker Abbas Backs Tinubu’s Reforms as ADC & PDP Criticise Borrowing

Speaker of the House of Representatives, Abbas Tajudeen, has called for stronger legislative oversight of Nigeria’s debt management, aligning with President Bola Tinubu’s Renewed Hope Agenda aimed at reducing reliance on oil revenue.

Abbas argued that public debt, if responsibly utilised, can drive growth and development, citing Tinubu’s approach as an example of borrowing for sustainable progress. However, opposition parties—the Peoples Democratic Party (PDP) and the African Democratic Congress (ADC)—dismissed claims that the government is managing the economy responsibly, insisting that current policies are worsening hardship.

Delivering a keynote address at the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Abbas, represented by House Leader Prof. Julius Ihonvbere, stressed the need for transparent borrowing practices and stronger oversight to ensure tangible returns on every loan taken.

He noted that Africa’s total public debt reached $1.8 trillion by 2022, with several countries now in dangerous debt-to-GDP territory. Citing Nigeria’s case, Abbas revealed that the country’s debt rose sharply to ₦149.39 trillion (about $97 billion) in the first quarter of 2025—up from ₦121.7 trillion the previous year. He added that the debt-to-GDP ratio now stands at 52 per cent, breaching the statutory ceiling of 40 per cent.

“This debt trajectory highlights the urgent need for oversight and accountability. Debt, when prudently managed, can promote growth but when unchecked, it erodes economic stability and threatens future generations,” he said.

The ADC condemned the APC-led administration for what it described as reckless borrowing and wasteful spending, warning that citizens will bear the cost through higher taxes, inflation, and poor public services. The PDP, on its part, stressed the need for stronger institutions, independence of the legislature, and leaders with fiscal discipline to enforce accountability.

Both parties warned that without urgent reforms, the debt crisis will deepen hardship for ordinary Nigerians while undermining fiscal sustainability.