Speaker Abbas Clarifies Debt Comment, Says ‘I Never Condemned Borrowing’
Speaker of the House of Representatives, Abbas Tajudeen, has refuted reports suggesting he condemned government borrowing, insisting that his remarks at a regional conference were misinterpreted.
The Speaker, who addressed the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees on Monday, raised alarm over Nigeria’s escalating debt profile but clarified that he only called for prudence and stronger parliamentary oversight.
“As at the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US\$97 billion.
“Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 per cent, well above the statutory ceiling of 40 per cent set by our own laws.
“This is not just a budgetary concern but a structural crisis that demands urgent parliamentary attention and coordinated reform,” the Speaker warned.
Following the speech, some media platforms reported that Tajudeen had outrightly condemned borrowing. But his Special Adviser on New Media, Jowosimi Enitan, issued a rebuttal clarifying the Speaker’s position.
“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing.
“On the contrary, at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, where Speaker Abbas was duly represented by a PDP chieftain, MHR Babatunde Salam, made it clear that:
“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.
“President Bola Ahmed Tinubu, GCFR, is already working assiduously to reduce reliance on borrowing through a robust non-oil revenue drive – proof of responsible fiscal management.
“For the first time in decades, Nigeria has met its 2025 revenue target ahead of schedule, without reliance on borrowing. This is proof that with discipline, focus, and courage, we can reduce dependence on external loans and secure our economic sovereignty.”
Enitan stressed that the Speaker’s remarks were a call for accountability rather than condemnation.
“The Speaker’s call was not against borrowing, but for stronger oversight, transparency, and accountability so that debt translates into real development—roads, schools, hospitals, and innovation.
“Let it be known: 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,” he added.
