The Speaker of the House of Representatives, Abbas Tajudeen, has dismissed reports suggesting he condemned government borrowing, insisting that his comments were taken out of context.
Addressing participants at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees on Monday, Tajudeen had expressed concern about Nigeria’s mounting debt profile, describing it as “a structural crisis that demands urgent parliamentary attention and coordinated reform.”
He noted that as of the first quarter of 2025, Nigeria’s total public debt stood at ₦149.39 trillion (about US$97 billion), with a debt-to-GDP ratio of about 52 percent—well above the statutory ceiling of 40 percent set by law.
In a clarification issued by his Special Adviser on New Media, Jowosimi Enitan, the Speaker stressed that he did not oppose borrowing but emphasized the importance of managing it prudently.
“For the record, Speaker Abbas Tajudeen, PhD, GCON, never condemned borrowing. Public debt, if managed prudently, can be a tool for growth and prosperity,” Enitan said.
He explained that the Speaker’s message focused on the need for oversight, transparency, and accountability to ensure that borrowed funds translate into tangible benefits such as infrastructure, healthcare, education, and innovation.
Enitan also highlighted President Bola Ahmed Tinubu’s ongoing reforms aimed at reducing reliance on debt through a stronger non-oil revenue drive. He noted that for the first time in decades, Nigeria achieved its 2025 revenue target ahead of schedule without depending on external loans.
“The Speaker’s call was not against borrowing,” Enitan emphasized, “but for stronger oversight so that debt translates into real development. Oversight of public debt is both a constitutional duty and a moral responsibility of parliament. This is about safeguarding Nigeria’s financial future, not pandering to mischief-makers.”
