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Speaker Abbas, ADC, PDP disagree over Tinubu’s ‘responsible borrowing’

Published

6 months ago

September 9, 2025

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Speaker of the House of Representatives, Abbas Tajudeen, has advocated stronger oversight, in line with President Bola Tinubu’s Renewed Hope Agenda, for sustainable growth, saying the President was working assiduously to address Nigeria’s public debt through a non-oil revenue drive.

The speaker, who noted that public debt, if well utilised, could engender growth and development in any country, said Nigeria could leverage responsible borrowing for sustainable development as demonstrated by the Tinubu administration.

But opposition Peoples Democratic Party, PDP, and African Democratic Congress, ADC, sharply disagreed that the President was managing the country’s public debt in the right direction.

However, Speaker Abbas noted: “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 stated this while delivering his keynote address at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, WAAPAC, organised in collaboration with international development partners, in Abuja yesterday.

The speaker, who was represented by Leader of the House, Prof Julius Ihonvbere, emphasised the “need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”

He said: “By 2022, the continent’s total public debt had reached US$1.8 trillion, with external debt alone expected to surpass $1 trillion by 2023. Several countries are now in dangerous debt-to-GDP territory: Sudan at 344 per cent, Angola at 136.8 per cent, Ghana at 84 per cent, Kenya at nearly 70 per cent, and South Africa above 77 per cent.

“In many cases, governments are spending more on servicing debt than on healthcare and other essential services, shrinking the fiscal space available for development.

‘’This continental picture makes clear that Africa faces not just a budgetary concern, but a structural crisis that demands urgent parliamentary attention and coordinated reform. The countries of the West African subregion carry the same burden.

“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. Today, Western private lenders hold about 35 per cent of Africa’s government debt through banks, asset managers and oil traders.

“Multilateral institutions, such as the World Bank and the IMF, account for another 39 per cent, while bilateral loans from other governments comprise 13 per cent. Chinese creditors, despite much of the public debate, hold only 12 per cent.

“To place this in sharper focus, in 2019, bondholders alone represented 27 per cent of Africa’s external debt, making them the single largest creditor group, ahead of China at 13 per cent.”

Speaker Abbas stated that if Africa was to grow stronger, the countries must not only negotiate fairer terms of borrowing but also rethink their dependence on external finance.

He stated that the conference could not have come at a more opportune time, “as our nations face mounting fiscal pressures that demand stronger legislative oversight of public debt and borrowing.”

“In Nigeria, recent available data indicate that our debt trajectory has reached a critical point, showing that as of the first quarter of 2025, the total public debt stood at N149.39 trillion, equivalent to about US$97 billion, with domestic borrowing making up 53 per cent and external borrowing accounting for 47 per cent.

‘’This represents a sharp rise from N121.7 trillion the previous year, underscoring how quickly the burden has grown.

“Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 per cent, well above the statutory ceiling of 40 per cent set by our own laws. This breach of our debt limit signals the strain on fiscal sustainability.

‘’It highlights the urgent need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
ADC, PDP react

Reacting yesterday, African Democratic Congress, ADC, has blamed the ruling All Progressives Congress, APC, for plunging Nigeria into a N149.39 trillion debt crisis, warning that the burden will deepen hardship for citizens.

The party’s Deputy National Publicity Secretary, Jackie Wayas,, said the debt, which stood at US$97 billion in the first quarter of 2025, reflected reckless borrowing and wasteful spending by the APC-led government. She noted that with domestic borrowing at 53 per cent and external debt at 47 per cent, the administration had ‘mortgaged’ the future of Nigerians.

“ADC has consistently warned Nigerians about the ruinous path of the APC’s unbridled borrowing and wasteful spending.

“We cautioned that no nation can survive with such recklessness, and we stressed that these loans, taken without strategic investment or accountability, would only saddle generations of Nigerians with unbearable hardship. Today, those warnings are manifesting before our very eyes,” Wayas said.

The party warned that ordinary Nigerians would bear the cost of the rising debt through higher taxes, inflation, unemployment, and deteriorating public services.

“N149.39 trillion in just the first quarter of 2025. Who will repay these loans? The answer is painfully clear: it is the ordinary Nigerian people who will carry this crushing burden through higher taxes, inflation, unemployment, and diminished public services,’’ Wayas said.

On its part, Peoples Democratic Party, PDP, said Nigeria must build strong institutions, instead of relying on ‘strong men’, stressing that independence of the legislature was critical to fiscal responsibility.

PDP’s Deputy National Youth Leader, Timothy Osadolor, who spoke for the party, said: “When next we elect officers of the National Assembly, we must insist that they choose their own leaders, rather than being hand-picked from the Villa. That way, they will have the courage to do what is right.’’

He further called for regulatory and procurement agencies to live up to their responsibilities, noting that Nigeria had enough institutions on paper but lacked effective implementation.

“We have more than enough regulatory agencies. It’s just that none of them is alive to its responsibilities. What we need are men of character with fiscal discipline and the moral fibre to say yes when necessary and no when necessary,” he added.

Osadolor alluded to the strict manner former Senate President, Bukola Saraki, managed the National Assembly.

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Sanusi will lead Sallah Durbar in Kano – Gov’t

Published

3 days ago

March 18, 2026

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The Kano State Government has announced that the Emir of Kano, Muhammadu Sanusi II, will lead this year’s Eid-el-Fitr Durbar, even as it unveiled strict guidelines to prevent a breakdown of law and order during the celebrations.....TAP TO CONTINUE READING

The government said the decision, approved by Governor Abba Kabir Yusuf, followed credible intelligence reports indicating attempts by some individuals to create unrest during the Sallah period.

In a statement issued on Wednesday by the Commissioner for Information and Internal Affairs, Ibrahim Abdullahi Waiya, the government said it remained committed to preserving Kano’s cultural heritage but would prioritise peace and security.

According to the statement, Hawan Idi (Eid Durbar) will be conducted by Emir Sanusi from the Kofar Mata Eid Ground through designated routes to Gidan Shettima, terminating at Kofar Fatalwa of the emir’s palace.

It added that Hawan Nasarawa would be held in a modified form without horseback displays, while Hawan Daushe, Hawan Fanisau and Hawan Dorayi have been suspended for the time being in the interest of public safety.

The government said all security agencies had been directed to intensify surveillance and ensure strict compliance with the directives before, during and after the festive period.

It urged residents to remain calm, law-abiding and cooperative with security agencies, while cautioning against the spread of unverified information.

The government further assured the public of its commitment to a peaceful and hitch-free Sallah celebration, wishing Muslims in the state a joyous Eid-el-Fitr.

The Durbar, a centuries-old cultural procession, has been thrown into uncertainty following conflicting statements from government officials on whether it will hold this year, given the unresolved legal battle between Sanusi II and Aminu Ado Bayero.

While Governor Yusuf reinstated Sanusi II in 2024, Bayero continues to contest his dethronement in court, leaving the emirship in dispute.

The government recently hinted that the stool controversy would soon be resolved.

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Breaking News

2027: Igboho dismisses Sowore’s comment on ‘transactional politics’

Published

3 days ago

March 18, 2026

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Yoruba nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho, has dismissed comments by human rights activist and former presidential candidate, Omoyele Sowore, over what he described as transactional politics and activism.....TAP TO CONTINUE READING

PUNCH Online reports that Sowore’s comment followed a viral video in which the activist criticised what he described as “transactional politics” among some regional agitators and influencers, accusing them of aligning with political actors for personal or material benefit.

In the video, Sowore appeared to reference Igboho, suggesting that his recent political positions, including support for President Bola Tinubu’s potential re-election bid, reflected what he termed “amala politics” — a colloquial expression often used to imply opportunistic or interest-driven engagement rather than principled activism.

Igboho, in a statement issued by his media aide, Olayomi Koiki, in Ibadan, the Oyo State capital, on Tuesday, criticised Sowore for allegedly describing his activism as “amala politics” in a recent viral video circulating on social media.

He described the comment as an inconsequential rant that should be ignored by the public.

Igboho argued that his agitation for improved security in the South-West and his support for the second-term bid of President Bola Tinubu in 2027 were constitutional rights aimed at promoting the collective interests of the Yoruba people and the development of Nigeria.

He said, “We strongly reject the characterisation of Igboho’s activism as transactional. Such a myopic position misrepresents the intent and focus of our agitation on effective grassroots security in the South-West and Nigeria as a whole.

“How many protests did Sowore organise to push for my freedom? Sowore’s claim of fighting for the masses contradicts his alleged daily lodging expenses of N450,000 at a popular Lagos hotel.

“I cannot be compelled to endorse political figures such as Peter Obi or Atiku Abubakar, or even align with Sowore’s political platform. I have the right to make independent political decisions based on the security and collective interests of the Yoruba people.”

He added that Igboho’s advocacy prioritises addressing insecurity across Yorubaland, including killings of farmers, kidnappings along highways and attacks on traditional rulers and royal institutions.

Koiki, however, clarified that these concerns form the basis of Igboho’s movement rather than any ambition for political office or revolutionary leadership.

The statement added, “While Sowore has consistently promoted nationwide revolution as a pathway to leadership, Igboho’s approach is rooted in protecting lives, land and property within Yoruba territory. This agitation is a response to real and ongoing threats faced by communities in the region.

“Latest security incidents in northern Nigeria, including reported explosions in Maiduguri on March 16, 2026, also raise questions about the broader effectiveness of long-term revolutionary advocacy.

“We challenge Sowore to assess the situation in his home state of Ondo State, considering the growing cases of banditry, kidnapping and attacks on rural communities.”

The statement added that the impact of insecurity on vulnerable groups, including farmers, traditional rulers, women and children, had been severe, with several communities reportedly affected.

“These realities reinforce Igboho’s long-standing call since 2020 for localised security measures and stronger regional protection strategies.

“Labelling our agitation and efforts as ‘amala politics’ undermines the urgency of the security crisis and the legitimacy of grassroots agitation,” the statement concluded

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Breaking News

Aisha, Deji, Atiku’s aide, Ibe fume over continuous detention of El-Rufai

Published

3 days ago

March 18, 2026

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The continuous detention of the former governor of Kaduna State, Mallam Nasir El-Rufai, has sparked reactions from politicians and socio-political activists.....TAP TO CONTINUE READING

DAILY POST reports that the former governor has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over an ongoing investigation into alleged financial impropriety when he was governor.

El-Rufai had earlier spent two nights in the custody of the Economic and Financial Crimes Commission, EFCC, before he was picked up by the Department of State Services and then later handed over to the ICPC.

His continuous detention has sparked outrage among citizens who are calling on the commission to immediately charge the former governor to court.

Popular socio-political activist, Aisha Yesufu, said in a post on X that “holding a citizen indefinitely without trial” is impossible.

According to her, “that is not justice. That is not accountability. That begins to look like persecution.

“Every Nigerian, no matter how powerful or unpopular, has the right to a fair hearing. That right is not a favour from the government. It is a constitutional guarantee. If El-Rufai committed crimes, then prosecute him. Nigerians will support that. But what we must never
Support is a system where the government can detain anyone endlessly, simply because it can.

“Today, it may be El-Rufai. Tomorrow, it could be anyone else who speaks or acts in a way that those in power do not like. A democracy must be better than that.

“So the message is simple: charge him in court or release him. Let justice be done openly, lawfully, and transparently. That is the only way a nation that claims to respect the rule of law should act”.

Similarly, an activist lawyer, Deji Adeyanju, in an interview he posted on X on Wednesday, demanded that the former governor be charged to court immediately, condemning El-Rufai’s incarceration.

“No matter the allegations, I think he should be charged in a court of competent jurisdiction so that he can face the music.

“All these things currently going on don’t look tidy to me”, he said.

On his part, Paul Ibe, a media aide to the former vice president, Atiku Abubakar, lambasted ICPC for not charging the former governor to court.

In a statement on his X handle, Ibe accused the Commission of taking sides with the President Bola Tinubu-led administration.

He wrote, “The matter of the former Governor of Kaduna State, Mallam Nasir el-Rufai @elrufai has proven beyond measure that the ‘I’ in ICPC (Independent Corrupt Practices and Other Related Offences Commission) @icpcnigeria represents Illegal or Irresponsible.

“There’s nothing Independent about the Commission. They’re no different from all the other institutions of state that are standing on Tinubu’s mandate. The ICPC is nauseatingly pliable and has disgracefully made itself available in coercing members of the opposition into the ruling party”!

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