The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria is committed to project-linked borrowing that yields direct returns and avoids reliance on money-printing or unsustainable financing.
Edun said this at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC), hosted by the House of Representatives Public Accounts Committee.
The Minister also announced that Nigeria’s economic reforms are beginning to yield positive results.
According to him, Nigeria’s debt service-to-revenue ratio dropped to 60% in 2024, while the debt-to-GDP ratio stands at 38.8%, a level he described as comfortable compared to global benchmarks.
” Revenues have also grown by 34.7% in the first half of 2025 compared to the same period last year, expanding fiscal space for investment in priority sectors,” Edun said.
He attributed the gains to tough but necessary policy choices, such as removing fuel subsidies, liberalizing the exchange rate, and implementing a comprehensive tax reform program. He emphasized that parliamentary oversight is central to maintaining fiscal discipline, urging lawmakers to hold governments accountable for borrowing and spending decisions.
Senate President Godswill Akpabio called on West African countries to strengthen constitutional backing for public accounts and finance committees in order to guarantee transparency, accountability, and sustainability in public debt management.
Represented by Osita Izunaso, Akpabio said unchecked debt can mortgage the future of citizens and undermine democracy across the sub-region.
Speaker of the House of Representatives, Abbas Tajudeen, on his part, warned that Nigeria’s debt profile has reached a critical level, urging parliaments across West Africa to strengthen oversight of public borrowing to safeguard the future of their citizens.
Represented by the House Leader, Julius Ihonvbhere Abbas disclosed that Nigeria’s total public debt stood at ₦149.39 trillion (about US$97 billion) in the first quarter of 2025, up from ₦121.7 trillion the previous year.
He noted that the country’s debt-to-GDP ratio has climbed to 52 percent, far above the statutory ceiling of 40 percent set by law.
Chairman House of Representatives Committee on Public Accounts, Bamidele Salam, disclosed that the committee recovered over ₦200 billion in lost revenues for the federal government within the last one year.
Salam said the recoveries were part of a series of reforms to strengthen fiscal accountability in Nigeria.
He described the gathering, which Nigeria is hosting for the first time since WAAPAC’s creation in 2009, as timely, given the rising debt burden across Africa.
The WAAPAC President, Issouf Traure, in his presentation, urged African countries to work together for the good of the continent.
He commended President Bola Tinubu for his efforts at reviving the Nigerian economy .
The conference with the theme, “Strengthening Parliamentary Oversight of Public Debt,” brought together key stakeholders to discuss the importance of fiscal responsibility and transparency in public debt management.
