Nigeria’s Speaker, Abbas Tajudeen, warns against reckless borrowing as the nation’s debt crisis reaches alarming levels.
The Speaker of Nigeria’s House of Representatives, Abbas Tajudeen, has raised serious concerns about the nation’s growing debt profile, cautioning against what he described as reckless borrowing.
Speaking on the state of the economy, Tajudeen warned that Nigeria’s debt levels have reached alarming proportions and could pose grave risks to the country’s financial stability if not urgently addressed. He stressed the need for fiscal discipline, transparency, and sustainable economic policies to ensure future generations are not burdened with excessive liabilities.
“We must reject reckless borrowing and focus on viable economic reforms that prioritize revenue generation, industrial growth, and efficient resource management,” Tajudeen stated.
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The Speaker also urged policymakers to embrace innovative strategies for diversifying the economy, particularly through investments in agriculture, technology, and manufacturing, to reduce dependence on loans.
His remarks come at a time when Nigeria is grappling with rising inflation, declining revenue, and mounting debt servicing obligations that consume a large portion of government earnings. Analysts warn that if borrowing trends continue unchecked, the nation could face deeper economic challenges.
Observers say Tajudeen’s warning should serve as a wake-up call for the executive arm of government to pursue more sustainable financing options and strengthen accountability in public spending.