News
Nigeria’s debt crisis demands urgent parliamentary action – Speaker Abbas
The Speaker of the House of Representatives, Abbas Tajudeen, has expressed serious concern about Nigeria’s escalating debt levels, highlighting that the country has surpassed its legally mandated debt limit, posing a threat to fiscal stability.
During the opening session of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) held at the National Assembly in Abuja on Monday, Abbas emphasized that Nigeria’s debt situation has become “a critical point” and called for immediate reforms in borrowing procedures and oversight mechanisms.
READ ALSO: Atiku cries out: Tinubu’s N34.15trillion will bury Nigeria! *We’re now slaves to debts
He stated, “As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from N121.7 trillion the previous year, underscoring how quickly the burden has grown. Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 percent, well above the statutory ceiling of 40 percent set by our own laws.”
Abbas characterized the breach of the debt ceiling as “a signal of strain on fiscal sustainability,” emphasizing the necessity for “stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
He further cautioned that many African nations are currently facing perilous debt-to-GDP ratios, with governments allocating more funds to debt servicing than to critical sectors such as healthcare and essential public services.
“This is not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform,” he remarked.
In response to these fiscal challenges, Abbas announced Nigeria’s intention to lead the creation of a West African Parliamentary Debt Oversight Framework under the auspices of WAAPAC.
This initiative aims to standardize debt reporting across the region, establish transparency benchmarks, and provide parliaments with timely information to effectively monitor borrowing activities.
Additionally, he revealed plans to implement a regional capacity-building program for Public Accounts and Finance Committees, designed to equip members with advanced tools for analyzing debt sustainability and assessing fiscal risks.
While cautioning against irresponsible borrowing, Abbas stressed that loans should be directed toward addressing vital infrastructure needs.
He stated, “Borrowing should support infrastructure, health, education, and industries that create jobs and reduce poverty. Reckless debt that fuels consumption or corruption must be exposed and rejected. Oversight is not just about figures, but about the lives and futures behind those figures.”
Reaffirming the 10th House’s dedication to transparency, the Speaker noted that under its Open Parliament policy, significant borrowing proposals will undergo public hearings, and simplified debt reports will be accessible to the public.
The conference, which gathers parliamentarians from across West Africa along with development partners and financial experts, centers on the theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.”
Abbas encouraged attendees to engage earnestly in the discussions, highlighting that the outcomes of the conference will contribute to enhancing fiscal responsibility and accountability throughout the continent.
“It demonstrates, in the clearest possible terms, that when citizens act with unity, clarity of purpose, and resolve, they can indeed move mountains.”
These were the exact words with which the African Democratic Congress (ADC), reacted to Tuesday’s agreement of the 10th Senate to reverse the controversial provisions in the Electoral Amendment Bill, in which they earlier retained the discretionary provision of transmission of results of election electronically by the Independent National Electoral Commission (INEC).
Bolaji Abdullahi, spokesman of the coalition party, attributing the U-turn to the resilience of Nigerians, described the development as a victory for democracy and people-powered civic action.
Abdullahi, a former Minister, who called on Nigerians to stay alert and continue mounting pressure on relevant authorities until the amended bill secures presidential assent, is duly gazetted, and takes full legal effect, urged Nigerians to maintain eternal vigilance.
Following a groundswell of outrage across the country, regarding its initial decision to retain the 2022 provision and subsequent protests, which saw Peter Obi, presidential candidate of the Labour Party in 2023 and Rotimi Amaechi, former Governor Rivers State, teaming up with a group of Nigerians on Monday and Tuesday, respectively, the Senate eventually bowed to pressure mandating the Independent National Electoral Commission (INEC) to transmit elections to the INEC Result Viewing Portal (IReV), real time, but with a proviso to use manual collation only as a contingency in cases of technological failure.
Hailing the development, ADC stated that the recant by the lawmakers was beyond a simple legislative reversal, but a reflection of the resilience, alertness, and growing political awareness of Nigerians from all segments of society.
The statement, added: “The decision of the 10th Senate to urgently reverse the contentious provisions of the Electoral Amendment Bill that it passed is a significant victory for the Nigerian people.
“This outcome is not merely a legislative U-turn. It is a testament to the resilience, vigilance, and rising political consciousness of Nigerians across all walks of life. From street protests to digital campaigns, the Nigerian people have once again shown that sovereignty truly belongs to them.
“In the face of the ruling APC’s habitual disregard for due process and democratic values, the Nigerian people have reaffirmed their place as the ultimate custodians of our democracy.
“In this regard, the African Democratic Congress salutes the courage and tenacity of Nigerians. We commend every citizen who raised their voice, whether online or offline, to resist legislative mischief that threatened to undermine our electoral integrity.”
Calling on Nigerians to remain steadfast, stressing that the development represents only a step in the right direction, not the final victory, the party, added: “We must now ensure that this momentum is sustained until the amended bill is not only passed but duly assented to by the President, properly gazetted, and becomes an enforceable law of the Federal Republic.
“We must remain vigilant to ensure there are no last-minute betrayals or technical ambiguities, the kind that often lead to ‘stories that touch.’ Let this be a reminder that democracy does not thrive in silence or indifference. It demands participation, persistence, and sometimes, peaceful defiance.”
Nyesom Wike, Minister of the Federal Capital Territory (FCT), on Tuesday, confirmed that President Bola Tinubu has once again intervened to stem the political schism between the Rivers State House of Assembly and Siminalayi Fubara, the governor that would have led to the latter’s impeachment.
But the Minister, left a caveat – this is the last time the President would be making such an intervention – as he added that both sides would now have to work according to the terms agreed at the parley.
In the latest faceoff which started early in the year, 27 members of the assembly said to be loyal to Wike, had launched a fresh impeachment move against the governor – the third since he took office in 2023, accusing him of sundry infractions of the constitution including spending money without appropriation.
Fubara, who defected to the All Progressives Congress (APC), last year, was believed to have run to the President for succour, whose intervention is believed to have halted the move.
Giving details of the rapprochement, Wike told reporters in Abuja, on Tuesday that the President playing a fatherly role stepped in to resolve disputes between the two parties.
His words: “He is very kind to the people of the state. If there seems to be any problem between the legislature and the governor, as a father, he really has to intervene.
“This is the second time Mr President is intervening and I believe by the grace of God that this will be the last time Mr President will intervene.”
Wike, who has since been linked to the crises from the outset and in firm grips of the lawmakers, also pointed out his own role in the matter, saying: “I have told them to obey Mr President and I know that they would not hesitate.”
President Bola Tinubu on Tuesday finally sent the name of Usman Isa Dakingari, former Governor of Kebbi State to the Senate for confirmation as as a non-career ambassador after last month’s embarrassing mix-up in which his name suddenly appeared for posting to Turkey without legislative clearance.
Tinubu, in a correspondence conveying the appointment, which was read by Godswill Akpabio, said: “I write for confirmation by the Senate, the appointment of Usman Isa Dakingari as non-career ambassador,.
“Whilst I hope that the senate will consider and confirm the nominee expeditiously, please accept, distinguished senate president, the assurances of my highest consideration.”
After reading the letter at plenary, the Senate President, said the matter would be referred to the Senate Committee on Foreign Affairs for consideration and report back to the Committee of Whole within one week.
Electoral Act: Don’t go to sleep, maintain eternal vigilance, ADC tells Nigerians
This is the last time Tinubu will intervene in Rivers’ row – Wike
Tinubu finally sends Dakingari’s name to Senate after ambassadorial posting row
-
News3 weeks agoPresidency: Tinubu has compensated Wike *Fubara must be left alone
-
Editorial2 weeks agoClosure of Onitsha Main Market: How not to gaslight the people
-
News2 weeks agoBREAKING: Senate delivers fatal blow! *Throws out electronic vote transmission
-
News4 weeks agoBlazing guns in Abuja Secretariat, as contractors bar Minister from office
-
News2 weeks agoCoup plotters planned to kill me – ex-CDS *Says Nigerians would have fought back
-
News4 weeks agoAngry workers battle Wike! Paralyse activities at FCT
-
News4 weeks agoPrepare for US bombs if 2027 is rigged – Utomi *Nigeria may cease to exist
-
News1 week agoObi to Senate: Why bring confusion to Nigeria? Joins #Our votes must count protest!