The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has said President Bola Ahmed Tinubu is working assiduously to address Nigeria’s public debt through prudent borrowing and a non-oil revenue drive.
Speaker Abbas stated this on Monday in Abuja while delivering a keynote address at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC). He was represented by the Leader of the House, Prof. Julius Ihonvbere.
He noted that public debt, if responsibly managed, could stimulate growth and development, stressing that the Tinubu administration was demonstrating this approach in line with its Renewed Hope Agenda.
“Indeed, 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 said.
The Public Accounts Committee of the House, with the support of WAAPAC and international development partners, organised the conference with the theme ‘Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.’
In a statement signed by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, the Speaker clarified that his remarks were not a call to reject borrowing outright, but rather an advocacy for responsible debt management that ensures real value for Nigerians.
He emphasised the need for stronger legislative oversight, transparent borrowing practices, and prudent use of funds in priority areas such as infrastructure, education, energy, and social welfare.
The Speaker also drew attention to Africa’s debt profile, noted that Western private lenders hold about 35 percent of government debt across the continent, while multilateral institutions account for 39 percent, bilateral loans 13 percent, and Chinese creditors 12 percent.
He urged African nations to negotiate fairer terms, reduce reliance on external finance, and channel more energy into domestic resource mobilisation, intra-African trade, and innovative financial instruments.
According to him, “Oversight of public debt is both a democratic duty and a moral responsibility of the legislature. Our parliaments must ensure that every borrowing decision reflects prudence, transparency, and the collective interest of our citizens.”
Speaker Abbas warned that high debt servicing costs continue to constrain Africa’s fiscal space, limiting investments in critical infrastructure and social services.
The conference, he noted, came at an opportune time as African nations face mounting fiscal pressures that demand stronger legislative oversight of public debt and borrowing.
