Speaker Abbas Raises Alarm Over Nigeria's Rising Debt Levels, Calls for Urgent Reforms

Speaker Tajudeen Abbas of the House of Representatives in Nigeria expressed concern over the country's escalating debt levels, labeling it as "alarming." During the 11th Annual Conference of the West Africa Association of Public Accounts Committees, Abbas highlighted that Nigeria's debt had surpassed the statutory threshold, posing a threat to fiscal sustainability. He emphasized the need for urgent reforms in borrowing practices and enhanced oversight to ensure economic and social returns match the borrowing.

Abbas also announced Nigeria's readiness to lead the establishment of the West African Parliamentary Debt Oversight Framework to streamline debt reporting across the region.