PUBLIC DEBT: A TOOL FOR GROWTH, NOT A BURDEN – THE REAL SPEECH BY HON. TAJUDEEN ABBAS AT WAAPAC



At the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC), I, Hon. Tajudeen Abbas, Speaker of the House of Representatives of Nigeria, addressed a subject of great importance: the role of public debt in national development.

Some media reports have unfortunately misrepresented my words. For clarity, I share here the real message delivered at WAAPAC:

🔹 Public debt, when managed prudently, can be a ladder to growth and prosperity, but when mismanaged, it becomes a chain that drags nations into economic bondage.

🔹 Under the leadership of President Bola Ahmed Tinubu, GCFR, Nigeria is charting a new course through a bold non-oil revenue drive. Remarkably, for the first time in decades, our nation has met its 2025 revenue target ahead of schedule, without reliance on borrowing. This demonstrates that with discipline, focus, and courage, we can reduce dependence on external loans and secure economic sovereignty.

🔹 The legislature has a clear duty: to ensure that every naira borrowed delivers real value to Nigerians. Oversight of public debt is not just constitutional, it is a moral responsibility to safeguard the future of generations unborn.

🔹 Across Africa, debt-to-GDP ratios are rising, consuming resources that should build schools, hospitals, infrastructure, and innovation. The path forward lies in negotiating fairer terms, mobilizing domestic resources, and fostering intra-African trade, transforming vulnerability into resilience, and dependency into sovereignty.

The WAAPAC theme, “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees”, could not be more timely or urgent.

As Speaker, I reaffirm that the Nigerian legislature will stand firm to ensure public borrowing translates into tangible development, stability, and a brighter future for all Nigerians.

This is the real message  delivered, not the distorted versions circulated without verification. Fake news misleads the public and undermines the trust and progress we are building together as a nation.

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