...advocates stronger oversight to align with Renewed Hope Agenda The Speaker of the House of Representatives, Rt. Hon. Abbas Ta...
...advocates stronger oversight to align with Renewed Hope Agenda
The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, Ph.D., GCON, has said President Bola Ahmed Tinubu is committed to responsible borrowing practices aimed at reducing Nigeria’s public debt and boosting sustainable national development through non-oil revenue generation.
Speaking through the House Leader, Prof. Julius Ihonvbere, at the opening ceremony of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday, Speaker Abbas emphasised that prudent debt management is crucial for economic stability and long-term growth.
“Indeed, public debt, when managed prudently, can be a tool for growth and prosperity. Yet, when left unchecked, it becomes a burden that erodes economic stability and threatens the welfare of future generations,” he said.
The conference, themed ‘Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees’, was organised by the Public Accounts Committee of the House in collaboration with WAAPAC and international development partners.
A statement by the Speaker’s Special Adviser on Media and Publicity, Musa Abdullahi Krishi, clarified that the remarks were not a rejection of borrowing, but rather an advocacy for a more accountable and value-driven approach to debt management.
“This aligns squarely with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises fiscal discipline, prudent resource management, and strategic investments in infrastructure, education, green energy, and social welfare,” the statement noted.
Citing the President’s recent announcement that Nigeria had met its 2025 revenue target ahead of schedule, Speaker Abbas lauded the administration's non-oil revenue strategy.
“Today I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year, and we met it in August,” President Tinubu had said during a meeting with stakeholders of The Buhari Organization in Abuja.
The Speaker called for enhanced legislative oversight, transparent borrowing practices, and national resolve to ensure borrowed funds translate into tangible economic and social development.
“When we examine the sources of Africa’s external financing, it becomes clear that the weight of debt on our continent is shaped by whom we borrow from and on what terms,” he said.
According to Abbas, Western private lenders account for about 35% of Africa’s government debt, while multilateral institutions like the World Bank and IMF represent 39%. Bilateral government loans comprise 13%, with Chinese creditors holding 12%.
“In 2019, bondholders alone represented 27% of Africa’s external debt, making them the single largest creditor group, ahead of China at 13%,” he added.
He stressed the importance of Africa developing its own financial instruments, enhancing intra-African trade, and mobilising domestic resources to reduce dependency and strengthen economic sovereignty.
“We must move from vulnerability to resilience, and from dependency to true economic sovereignty,” he declared.
Speaker Abbas also warned of the implications of Africa’s debt profile, which he said ties a significant portion of national revenues to debt servicing rather than to critical investments in healthcare, education, infrastructure, and innovation.
“The high cost of commercial loans, coupled with repayment burdens in foreign currencies, narrows fiscal space and leaves many African economies vulnerable to external shocks,” he noted.
He concluded by stressing the legislative role in debt management: “Oversight of public debt is a democratic duty and a moral responsibility. Our parliaments must ensure that every borrowing decision reflects prudence, transparency, and the collective interest of our citizens."
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