Speaker Abbas Calls for Regional Debt Oversight Framework as WAAPAC Conference Opens in Abuja
By Exponent News Akure, September 9, 2025
In a resounding call for fiscal accountability across West Africa, the Speaker of Nigeria’s House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, GCON, has declared the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) open. Addressing delegates at the National Assembly Complex in Abuja, Speaker Abbas underscored the urgency of strengthening parliamentary oversight amid growing concerns over unsustainable public debt across the continent.
The conference, themed “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees,” comes at a time when African nations face escalating fiscal pressures and shrinking policy space due to rising debt servicing costs. Speaker Abbas emphasized the moral and democratic responsibility of legislatures to scrutinize public borrowing, calling it a duty that goes beyond technical accounting and into the realm of protecting future generations.
> “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,” he noted.
Citing recent data, Abbas revealed that Africa’s total public debt had ballooned to $1.8 trillion by 2022, with over $1 trillion of that in external debt by 2023. In some cases, governments are now spending more on debt servicing than on healthcare and essential services. He warned that this trend represents not just a fiscal problem, but a structural crisis threatening long-term development.
The Speaker drew attention to the evolving landscape of Africa’s creditors, noting that Western private lenders now hold about 35% of African government debt, compared to 12% held by Chinese creditors — a stark contrast to popular narratives. In 2019, bondholders alone accounted for 27% of the continent’s external debt.
> “The high cost of commercial loans, coupled with the burden of repayment in foreign currencies, leaves many African economies vulnerable to market shocks,” Abbas warned, stressing the need to rethink Africa’s reliance on external borrowing.
To address these challenges, the Speaker proposed the establishment of a West African Parliamentary Debt Oversight Framework, championed by Nigeria under WAAPAC. The framework, he said, would harmonize debt reporting, establish regional standards for transparency, and equip parliaments with real-time data to scrutinize borrowing practices.
“This framework will strengthen our bargaining power in international finance and protect the long-term interests of our citizens,” he said.
In addition, Nigeria pledged to support a regional capacity-building programme for Public Accounts and Finance Committees, aimed at enhancing skills in debt sustainability analysis, fiscal risk assessment, and oversight of complex financial instruments.
Speaker Abbas also reaffirmed Nigeria’s commitment to citizen participation in public finance management. Under the Open Parliament policy, he announced that major borrowing proposals will be subject to public hearings, and simplified debt reports will be made accessible to the general public.
“Oversight is most effective when it is not only parliamentary but also people-driven. Citizens have the right to know, and we have the duty to inform,” he asserted.
Looking beyond national borders, the Speaker emphasized the shared responsibility of the region in tackling debt mismanagement, warning that unsustainable debt in one country can destabilize others and undermine regional development.
“No country in our region can claim immunity from the consequences of debt mismanagement,” he said, calling WAAPAC a crucial platform for solidarity, peer learning, and collective action.
He further urged parliaments to ensure that debt is aligned with sustainable development priorities — such as infrastructure, health, education, and job creation — and to reject reckless borrowing driven by consumption or corruption.
Since its founding in 2009, WAAPAC has served as a vital forum for fostering legislative accountability and peer exchange in the region. Speaker Abbas called on delegates to envision an expanded role for WAAPAC as a continental leader in fiscal oversight.
He concluded by commending the House Committee on Public Accounts, WAAPAC leadership, and development partners for their commitment to transparency and accountability. He charged participants to make the most of the five-day conference, as the deliberations would help shape policies and systems that strengthen governance across the continent.
“It is now my singular honour and privilege to declare the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees open,” Speaker Abbas declared to resounding applause.
The WAAPAC conference continues through September 12 at the National Assembly Complex in Abuja, drawing legislators, financial experts, and development partners from across West Africa.
