Speaker Abbas advocates stronger oversight on Nigeria’s public debt, urging responsible borrowing in line with Tinubu’s Renewed Hope Agenda
Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC)in Abuja, Abbas—represented by House Leader Prof Julius Ihonvbere—emphasised that public debt, when responsibly managed, can be a catalyst for development.
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“Public debt, when managed prudently, can be a tool for growth and prosperity.
Yet, when left unchecked, it becomes a burden that erodes economic stability and threatens the welfare of future generations,” Abbas stated.
He noted that President Tinubu was working to tackle Nigeria’s debt burden through a stronger focus on non-oil revenue and fiscal discipline.
Abbas urged Parliamentarians and financial institutions to ensure every naira borrowed yields tangible social and economic returns.
However, his remarks were met with sharp disagreementfrom opposition parties, including the Peoples Democratic Party (PDP)and the African Democratic Congress (ADC)
, who criticised the Tinubu administration’s handling of public debt and its growing borrowing profile.
Abbas warned that Africa is sliding into dangerous debt territory, citing countries like Sudan (344% debt-to-GDP) and Angola (136.8%), while Ghana, Kenya, and South Africa also face significant debt-related challenges.
He stressed that mounting interest payments are crowding out essential services likehealthcare and education.
“Africa faces not just a budgetary concern, but a s
Abbas also provided a breakdown of Africa’s debt ownership:
- 35% owed to Western private lenders
- 39% to multilateral institutions like the IMF and World Bank
- 13% to bilateral government loans
- 12% to Chinese creditors
This, he argued, requires Africa to negotiate fairer borrowing terms and reduce dependence on foreign debt.Legislative Oversight as a Lifeline
Reaffirming his support for President Tinubu’s economic direction, Abbas called for transparent borrowing practices and strong parliamentary monitoring.
According to him, legislative scrutiny is a vital guardrail for long-term fiscal stability.tructural crisis that demands urgent parliamentary attention and coordinated reform,” he added.
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“Our nations face mounting fiscal pressures that demand stronger legislative oversight of public debt and borrowing,” Abbas concluded.
