Nigerian Debt Reaches “Critical Point,” Breaks Legal Limit as Speaker Abbas Demands Urgent Reforms

The Speaker of Nigeria’s House of Representatives, Tajudeen Abbas, has sounded a dire warning over the nation’s soaring debt, declaring that its borrowing has breached a crucial legal limit and is now a major threat to fiscal stability. Speaking at a West African conference on public accounts, Abbas revealed that Nigeria’s total public debt stood at a staggering N149.39 trillion (about $97 billion) as of the first quarter of 2025.

This alarming figure pushes the country’s debt-to-GDP ratio to an unsustainable 52%, far exceeding the 40% statutory ceiling mandated by Nigeria’s own laws. The Speaker referred to this breach as a “signal of strain on fiscal sustainability” and an issue that goes beyond just budget numbers, calling it a “structural crisis” that demands coordinated reform.

In his address, Abbas called for immediate action from lawmakers to implement stronger oversight, ensure borrowing practices are transparent, and guarantee that every borrowed fund is used for a project that yields real economic and social benefits. He warned against “reckless debt that fuels consumption or corruption,” stating that such practices must be exposed and rejected.

To combat the growing crisis, the Speaker announced several new initiatives. The House of Representatives plans to champion a new West African Parliamentary Debt Oversight Framework to standardize debt reporting across the region. Domestically, he stated that all major borrowing proposals will now be subject to public hearings to ensure accountability and provide citizens with simplified reports on the nation’s debt. The move is a significant step toward improving transparency and a recognition that the debt crisis affects the lives and future of all Nigerians.