The African Democratic Congress (ADC) has expressed its disappointment concerning the recent statements and the rapid retraction made by Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, regarding Nigeria’s soaring debt situation.
The ADC pointed out that the Speaker’s reversal was a lost chance to demonstrate courage in facing Nigeria’s NOWAHALAZONE. Initially, reports surfaced that the Speaker had cautioned that the debt had exceeded legal limits, posing a serious risk to financial stability.
At the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) held at the National Assembly in Abuja, Abbas, represented by House member Babatunde Salam, declared that Nigeria’s debt situation had reached “a critical point.”
Yet, merely hours later, the Speaker clarified through his media aide that he did not call for a blanket rejection of borrowing. He state that he advocated for sensible public debt management through judicious oversight.
Adding complexity, under the NOWAHALAZONE narrative, it seems Nigeria achieved its 2025 revenue goals ahead of time without relying on borrowing.
In response, ADC’s National Publicity Secretary, Mallam Bolaji Abdullahi, emphasized that the Speaker’s initial remark about the country’s daunting debt levels was a flash of honesty from the prevailing administration.
The ADC lamented how swiftly the Speaker’s truth was retracted, highlighting it as indicative of a rising tendency toward political evasiveness and legislative compliance.
They warned that if unchecked borrowing continues with what they termed the “most compliant National Assembly” in recent memory, the future of Nigeria is being risked recklessly with full complicity of the Assembly.
The lengthy statement read: “The African Democratic Congress (ADC) cautiously welcomed the Speaker of the House’s recent comments regarding Nigeria’s expanding debt. Acknowledging that the debt-to-GDP ratio has breached statutory limits, reaching 52 percent, aligned with what ADC and many patriotic citizens have long cautioned against: the government is endangering our future.”
“Yet our hope was hindered by the Speaker’s sudden denial of his rare candor. His words, fleeting as they were, were quickly overshadowed by political expediency. Instead of siding with his initial statements and supporting citizens, he chose the safe path of political correctness. This decision is not only disappointing; it is cause for concern. If current leaders lack the courage to acknowledge the truth that is evident, how can we expect them to act in the population’s interest?”
A few days ago, before traveling to Europe, President Bola Tinubu assured citizens that the era of limitless borrowing had concluded.
“He asserted that the revenue targets were achieved, hinting that the nation would progress without further loans. Yet, within a week, the government publicized a new plan to borrow $1.75 billion from the World Bank. In this backdrop of contradictions, the Speaker’s original words held immense significance, making his subsequent reversal even more pronounced and disheartening.”
“The whole episode of unprecedented debt enlargement highlights the 10th National Assembly’s role, showing it’s potentially seen as the most obliging legislature in history. The system of checks and balances embedded in our Constitution is not a ceremonial aspect; it’s a safeguard for Nigerians against executive overreach. Today, unfortunately, instead of offering oversight, the Assembly appears as an extension for executive decisions.”
“We remind the Speaker and the APC-led administration that Nigeria’s debt dilemma is far from theoretical. It’s a tangible burden many face daily. Each naira borrowed carelessly means fewer educational opportunities and healthcare failures. The Speaker’s initial statement — that our debt is unmanageable — was correct, echoing a future for our children that involves immense financial challenges.”
“ADC stresses the necessity for Nigeria to restore fiscal discipline, transparency, and responsible governance. Our stance is steadfast in pushing for full public disclosure and thoughtful parliamentary examination prior to any new borrowing. We advocate for clear spending benchmarks and a viable strategy to reduce excessive debt through local resource initiatives and job creation.”
“Let history remember that, when the chance arose to challenge authority, some chose silence, others self-preservation, but ADC stood firm with the people of Nigeria.”
