Some experts have urged West African lawmakers to step up oversight of debt management as unchecked public borrowing posed a threat to the sub-region’s economic future.
The experts made the call on Tuesday at the ongoing 11th annual conference and general assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja.
The News Agency of Nigeria (NAN) reports that the theme for the week-long conference is “Strengthening Parliamentary Oversight of Public Debt.”
The conference brought together lawmakers from Benin, Burkina Faso, Cote D’Ivoire, Ghana, Guinea, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Gambia, Togo and South Africa.
Abdelrasaq Na-Allah of the Department of Economics, University of Abuja, said that, debt sustainability was not just a technical issue, but a political and moral responsibility that directly impacts development and intergenerational equity.
Na-Allah tasked the legislature on scrutinising borrowing proposals, testing the assumptions behind debt projections and demanding transparency in public debt reporting.
“Parliaments must rise above politics and guard against manipulation in debt ceiling debates. New loans must only be approved when they are productive, growth-enhancing and fiscally responsible,” he said.
He, however, acknowledged that only a vigilant and empowered legislature can ensure that public borrowing delivered value for citizens rather than burdening future generations.
Also speaking, a former member of the House of Representatives, Dr Nicholas Ossai, recommended the establishment of Parliamentary Budget Office (PBO), to provide independent debt sustainability assessments and policy analysis.
He said that when established, it will also provide technical advisors and financial analysts to support committees.
Ossai said that the Fiscal Responsibility Act should be amended to mandate full disclosure of loan terms before legislative approval and introduce timelines for legislative consideration of loan requests to avoid rubber-stamping.
The former lawmaker also recommended a Loan Oversight Manual for lawmakers to guide how to scrutinise borrowing proposals and follow up on implementation.
He said that the Debt Management Office (DMO) should publish quarterly reports to parliament on loan performance and debt servicing.
Ossai said that coordination between Finance Committee, Public Accounts Committee, and sectoral committees should be strengthened through joint oversight missions and hearings.
He said that the parliament should Institutionalise public hearings on major loan agreements and publish all approved loan agreements on a parliamentary portal to promote transparency.
“Nigeria’s rising public debt profile necessitates a more robust, informed, and proactive legislative approach to borrowing oversight.
“The Finance and Public Accounts Committees have pivotal roles in ensuring that borrowing is prudent, transparent, and beneficial to national development.
“Strengthening parliamentary scrutiny across the loan lifecycle from proposal to approval, implementation, and audit is essential to preserving fiscal sustainability and public trust.
“Through strategic reforms, capacity building and a culture of accountability, Parliament can transform from a passive approver to an active guardian of Nigeria’s fiscal future, nut more importantly, the optimal utilisation of the House committee on Treaty, Protocol and Agreement in the loan lifecycle.
Also speaking, the Chairman, Nigerian Union of Journalists (NUJ) FCT-Chapter, Ms Grace Ike, called for greater collaboration between the media, Civil Society Organisations (CSOs) and the Parliament to strengthen oversight of public debt and enhance accountability in Nigeria.
She said that the media remained the mirror of society and a vital watchdog in holding public officials accountable.
Ike noted that without the active involvement of journalists, the work of parliamentary committees such as the Public Accounts Committee (PAC) would not achieve the desired impact.
“The media acts as an intermediary between parliament, government institutions and the public. Public awareness is necessary and how can we achieve this if not through information sharing and capacity building?” she said.
The NUJ FCT chairman emphasised the need for training and retraining of journalists to deepen their understanding of audit processes, public debt issues and the technical aspects of legislative oversight.
She proposed periodic workshops, roundtables and joint briefings with Supreme Audit Institutions (SAIs) and civil society groups to improve the quality of reporting.
