By Mercy Aikoye
Nigeria’s bold economic reforms are yielding results, with debt levels becoming more sustainable and investor confidence returning. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC).
Edun highlighted that Nigeria’s debt service-to-revenue ratio dropped to 60% in 2024, while the debt-to-GDP ratio stands at 38.8%, a comfortable level compared to global benchmarks. “Nigeria is turning the corner. The reforms are delivering measurable impact in terms of investor confidence, reduced spending on fuel imports, greater energy self-sufficiency, and value addition in our economy,” he said.
The Minister emphasized the importance of fiscal discipline, transparency, and accountability in public debt management. “A sound fiscal framework is not just the responsibility of the executive; it demands partnership, leadership, and rigorous oversight from parliamentarians,” Edun stated.
Senate President Godswill Akpabio stressed the need for constitutional backing for public accounts and finance committees to guarantee transparency, accountability, and sustainability in public debt management. “Parliamentary oversight is indispensable to fiscal stability,” he said.
Akpabio urged West African countries to strengthen constitutional backing for public accounts and finance committees. “The Nigerian experience has shown that when parliamentary committees are empowered by law, transparency is deepened, fiscal responsibility is strengthened, and democracy is enriched,” he added.
Speaker of the House of Representatives, Abbas Tajudeen, warned that Nigeria’s debt profile has reached a critical level, with the country’s total public debt standing at ₦149.39 trillion. “This breach of our debt limit signals the strain on fiscal sustainability,” he said.
Tajudeen proposed the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC to harmonize debt reporting and create regional standards for transparency. “Our oversight must also be people-driven. Major borrowing proposals should be subject to public hearings, and simplified debt reports must be made available to the public,” he emphasized.
The conference highlighted the importance of parliamentary oversight in maintaining fiscal discipline and ensuring transparency and accountability in public debt management. With Nigeria’s debt profile reaching a critical level, the need for effective oversight and prudent borrowing practices has never been more pressing.
