Speaking on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) at the National Assembly, Abuja, Abbas disclosed that Nigeria’s public debt now stands at ₦149.39 trillion (about US$97 billion) as of Q1 2025, up sharply from ₦121.7 trillion in 2024.
He stressed that the debt-to-GDP ratio, now hovering around 52 percent, is far above the legally mandated 40 percent ceiling, describing it as “a signal of strain on fiscal sustainability.”
“Borrowing should support infrastructure, health, education, and industries that create jobs and reduce poverty. Reckless debt that fuels consumption or corruption must be exposed and rejected,” Abbas declared.
The Speaker said the situation demands urgent parliamentary reforms, stronger oversight, and greater transparency in loan acquisition. He noted that across Africa, several nations already spend more on debt servicing than on healthcare and critical social services, a trend Nigeria must avoid.
To strengthen accountability, Abbas revealed that Nigeria would spearhead the creation of a West African Parliamentary Debt Oversight Framework under WAAPAC. The initiative, he explained, will harmonise debt reporting across the sub-region, set transparency benchmarks, and provide legislatures with timely data to scrutinise borrowing practices.
He further disclosed plans for a regional capacity-building programme for Public Accounts and Finance Committees, equipping members with modern tools to assess debt sustainability and fiscal risks.
Reiterating the 10th House’s commitment to openness, Abbas said that under its Open Parliament policy, major borrowing proposals would be subjected to public hearings, while simplified debt reports would be made accessible to citizens.
The WAAPAC conference, themed “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees”, brought together lawmakers, development partners, and financial experts from across West Africa. Abbas urged participants to approach deliberations with a sense of urgency, noting that their resolutions would be critical to improving fiscal responsibility across the continent.
