Tajudeen Abass, Speaker of Nigeria’s House of Representatives, probably did not expect his remarks on the country’s debt profile to spark so much noise. Yet, in a few days, his words have travelled across newsrooms, social media timelines and political circles, forcing him to soften and, in some ways, unsay what he had said.
It all began at the annual conference of the West Africa Association of Public Accounts Committees last week in Abuja. Abbas warned that Nigeria’s debt stock, now standing at about ₦149 trillion, had become worrisome. He pointed out that the country’s debt-to-GDP ratio has jumped to around 52%, above the 40% mark that is generally considered safe.
His message was clear: the numbers are getting out of hand, and parliament must tighten its oversight. For a moment, it sounded like rare honesty from a top government official. After all, ordinary Nigerians already feel the squeeze. Debt repayments swallow up a large chunk of national income, leaving fewer resources for hospitals, schools and roads.
Economists have been warning for years that the rising pile of loans could push the country into a fiscal corner. But almost as soon as the speech hit the headlines, interpretations began to fly. Opposition voices cheered, seeing his words as proof that even the ruling party was worried about reckless borrowing.
Read also: Nigeria’s Debt-to-GDP hits 52.2% on rising borrowings, fx strain
The Speaker’s camp quickly pushed back. Through his media aide, Abbas said he was not condemning borrowing, but that Nigeria must borrow more carefully. Borrowing, he insisted, can be useful when it builds infrastructure, strengthens education, or supports healthcare.
In other words, the Speaker was trying to call for responsibility while also staying in line with the government’s agenda. It was less a retraction than a careful adjustment of tone.
Still, the whole episode reveals a lot about governance in Nigeria. Debt is not just a technical issue for economists. It is political, and talking about it openly carries risks.
Abbas’ initial comments touched on something important: the role of parliament in holding government borrowing to account. This shows the parliament may not be bold enough to firmly challenge the government on borrowing. Abbas’ retreat suggests that while lawmakers know the debt situation is worrying, they are reluctant to take a hard line for fear of political backlash. This raises doubts about how seriously the National Assembly plays its watchdog role.
By law, the National Assembly must approve new loans. In practice, approvals often come quickly, with little debate. The Speaker’s warning suggested that lawmakers should take their watchdog role more seriously, asking tougher questions before signing off on billions of dollars in new obligations.
That is easier said than done. Nigeria’s politics often rewards loyalty more than scrutiny, and members of the ruling party do not want to be seen as slowing down the president’s plans. But the cost of silence is high. Servicing the debt already consumes a big share of government revenue. If borrowing continues without stronger oversight, the strain will grow heavier, and ordinary people will pay the price in the form of higher taxes, weaker services, and fewer jobs.
Read also: Nigeria’s new chapter in the debt story
For citizens, the back-and-forth may feel like another case of leaders dodging hard truths. The average Nigerian does not need a lecture on debt ratios to understand the problem; they see it in poor public hospitals, underfunded schools, and roads that never seem to get fixed. They hear about loans taken for projects, yet rarely see the results. When a leader like Tajudeen raises the alarm and then softens it, it can reinforce the feeling that politicians are more interested in optics than in change.
What this story shows is how delicate the politics of debt have become. Everyone knows Nigeria cannot stop borrowing overnight. The economy still depends on loans to plug gaps and build critical projects. But everyone also knows the risks of piling debt without discipline. Striking that balance between financing growth and keeping the books healthy is the real challenge.
In the end, this is about more than one man’s words. It is about whether Nigeria’s leaders are ready to be honest with the citizens about the country’s finances, and whether parliament is ready to do its job as a check on the executive.
