The Speaker of the House of Representatives, Tajudeen Abbas, has dismissed reports claiming he condemned Nigeria’s borrowing policy, insisting his words were twisted by “mischief makers.”
In a statement on Monday, issued by his Special Adviser on New Media, Jowosimi Enitan, Abbas explained that his position was that public debt, if prudently managed, can serve as a tool for national growth and development.
Earlier, reports quoted the Speaker as warning that Nigeria’s public debt had surpassed legal limits, describing it as a threat to fiscal sustainability. He was said to have raised alarm during the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja.
Speaking at the event through a House member, Babatunde Salam, Abbas was reported to have said that as of Q1 2025, Nigeria’s debt stood at ₦149.39 trillion (about $97 billion), with a debt-to-GDP ratio of 52%, exceeding the statutory ceiling of 40%.
However, in his rebuttal, Abbas clarified that his submission was not an attack on borrowing itself but rather a call for stronger oversight, transparency, and accountability.
“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,” the statement read.
He also highlighted that under President Bola Ahmed Tinubu, Nigeria had already met its 2025 revenue target ahead of schedule without relying on new borrowing — evidence of progress in reducing dependence on external loans.
Abbas stressed that his message was about responsible debt management, not condemnation:
“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.”
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