The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has sounded the alarm over Nigeria’s ballooning debt profile, which he says has reached a critical and “unsustainable” level.
Speaking at a conference on public accounts, the Speaker disclosed that Nigeria’s total public debt surged to ₦149.39 trillion ($97 billion) in the first quarter of 2025, with a debt-to-GDP ratio of 52%, well above the legally mandated 40% ceiling.
He warned that the country risks mortgaging the welfare of future generations if it doesn’t reform its borrowing practices.
The Speaker noted that many African nations face a similar debt crisis, with governments spending more on servicing debts than on essential services.
While the Minister of Finance, Wale Edun, offered a more optimistic outlook, citing a decline in the debt service-to-revenue ratio, the Speaker’s warning underscores the need for stronger legislative oversight and fiscal prudence.
