Speaker of the House of Representatives, Hon. Abbas Tajudeen, has expressed deep concern over Nigeria’s growing debt burden, warning that the nation’s debt profile has exceeded its statutory threshold and now poses a serious threat to long-term fiscal stability.
Addressing lawmakers at a plenary session in Abuja on Monday, Tajudeen cautioned against what he described as a dangerous drift into unsustainable borrowing practices. He noted that while loans may be necessary to fund infrastructure and development projects, the pace and scale of recent borrowings risk undermining the country’s economic resilience.
“The reality before us is that Nigeria’s debt profile has surpassed the statutory limits set to protect the economy from instability,” Tajudeen said. “We must resist the temptation of reckless borrowing and embrace more sustainable strategies that prioritise productivity, revenue generation, and prudent financial management.”
The Speaker urged policymakers at all levels to rethink the nation’s fiscal approach, stressing the need for stronger domestic revenue mobilisation, diversification of the economy, and tighter expenditure controls. He also appealed to the executive arm of government to work closely with the legislature in reviewing existing debt policies to ensure compliance with statutory frameworks.
Economic analysts have repeatedly warned that Nigeria’s rising debt service obligations already consume a large share of government revenues, leaving limited fiscal space for capital investment and social spending.
Tajudeen’s remarks come amid growing public debate on how to strike a balance between borrowing for development and maintaining long-term financial stability.
