…advocate stronger oversight to align with Renewed Hope Agenda for sustainable growth
By Gloria Ikibah
The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has said President Bola Ahmed Tinubu is working diligently to tackle Nigeria’s public debt by strengthening non-oil revenue generation. 
Delivering his keynote address at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday , the Speaker represented by the House Leader, Prof. Julius Ihonvbere stressed that debt, if responsibly managed, can be a driver of economic growth and national development.
“Public debt, when prudently handled, can serve as a tool for prosperity. But left unchecked, it becomes a burden that weakens economic stability and endangers the future of coming generations,” Abbas urged.
The conference is organised by the House Public Accounts Committee with the backing of WAAPAC and international development partners, with the theme: ‘Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.’
In a statement issued by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, the Speaker clarified that his remarks were not a call to reject borrowing outright, but rather an appeal for responsible debt management. He stressed that loans must be channelled into projects and services that deliver measurable value to Nigerians.
This position, he noted, is consistent with President Tinubu’s Renewed Hope Agenda, which underscores fiscal discipline, prudent use of resources, and investment in critical areas such as infrastructure, education, renewable energy, and social welfare.
Only last week, President Tinubu announced that Nigeria had already achieved its 2025 revenue target ahead of schedule, reaching the benchmark by August. He further stated that the administration’s push for non-oil revenues had significantly reduced the need for borrowing to fund the national budget.
“Today I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year, and we met it in August,” the president said.
At the WAAPAC event, the Speaker emphasised the “need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
He added, “When we examine the sources of Africa’s external financing, it becomes clear that the weight of debt on our continent is shaped by whom we borrow from and on what terms. Today, Western private lenders hold about 35 percent of Africa’s government debt through banks, asset managers, and oil traders.
“Multilateral institutions, such as the World Bank and the IMF, account for another 39 percent, while bilateral loans from other governments comprise 13 percent. Chinese creditors, despite much of the public debate, hold only 12 percent.
“To place this in sharper focus, in 2019, bondholders alone represented 27 percent of Africa’s external debt, making them the single largest creditor group, ahead of China at 13 percent.”
Speaker Abbas stated that if Africa is to grow stronger, the countries must not only negotiate fairer terms of borrowing but also rethink their dependence on external finance.
“We must channel more energy into mobilising domestic resources, fostering intra-African trade, and creating financial instruments that serve the continent’s own development priorities. Only then can we move from vulnerability to resilience, and from dependency to true economic sovereignty,” he said.
The Speaker stated that the conference could not have come at a more opportune time, “as our nations face mounting fiscal pressures that demand stronger legislative oversight of public debt and borrowing.”
He also noted that the theme “speaks directly to the urgency of safeguarding our financial future,” stressing that it “goes to the very heart of democratic governance and sustainable development.”
Speaker Abbas said, “Therefore, oversight of public debt is a democratic duty and a moral responsibility of the legislature. Our parliaments must ensure that every borrowing decision reflects prudence, transparency, and the collective interest of our citizens.
While noting that the implications of this debt structure are far-reaching, the Speaker said a “significant share of our national revenues is tied to debt servicing rather than being invested in the things our people need most: roads, schools, hospitals, and innovation.”
He added that the high cost of commercial loans, coupled with the burden of repayment in foreign currencies, leaves many African economies vulnerable to market shocks. “This narrows fiscal space, constrains domestic policy choices, and slows the pace of sustainable development,” he said.
