Reps Speaker Warns Against Reckless Borrowing as Nigeria's Debt Hits $97 Billion

Speaker of the House of Representatives, Abbas Tajudeen, has raised concerns over Nigeria's rising debt, emphasizing the need to reject reckless borrowing practices. Nigeria's total public debt has surged to $97 billion, breaching the statutory threshold of 40% and reaching approximately 52% of the GDP.

Tajudeen highlighted the urgency for reform in borrowing oversight to ensure borrowed funds yield tangible socio-economic returns. He warned of the strain on fiscal sustainability and called for transparent borrowing practices.

The Speaker stressed the importance of collective efforts to address the escalating debt crisis faced by Nigeria and other African countries.