Speaker Abbas Raises Alarm Over Nigeria’s Soaring ₦149 Trillion Debt

By Diafa Doubra,

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has expressed deep concern over Nigeria’s mounting debt profile, which has now climbed to an estimated ₦149 trillion.

Speaking during a parliamentary session in Abuja, the Speaker described the rising debt as a ticking time bomb that threatens the country’s economic stability if urgent measures are not taken. He warned that the heavy reliance on borrowing to fund national budgets could cripple future generations and undermine long-term development.

“Borrowing is not inherently wrong,” Abbas noted, “but the way Nigeria is accumulating debt without matching it with productivity and infrastructure is unsustainable. We are at a point where every naira borrowed must be accounted for.”

The lawmaker emphasized the need for stronger parliamentary oversight of loan agreements and spending, insisting that every borrowing must be tied to tangible developmental projects. He argued that without strict monitoring, loans could easily be mismanaged or diverted, worsening the economic crisis rather than solving it.

Economic experts have also echoed Abbas’s warning. Some analysts argue that with dwindling revenue from oil and an underperforming non-oil sector, Nigeria risks falling into a debt trap if the trend continues. Already, a significant percentage of the national budget is spent on debt servicing, leaving little for infrastructure, education, and healthcare.

Civil society groups have called on the government to look inward by improving tax collection, plugging revenue leakages, and boosting local production instead of over relying on foreign and domestic loans.

Abbas, however, clarified that he was not entirely against borrowing but insisted that Nigeria must “borrow responsibly.” He urged his colleagues in the National Assembly to treat debt-related bills with greater scrutiny, to safeguard the nation’s economic future.

The Speaker’s remarks come at a time when Nigerians are grappling with high inflation, currency depreciation, and rising living costs, further fueling public anxiety about how the government manages its finances.