The 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja has been dominated by calls for more rigorous scrutiny of Nigeria’s public debt and greater public participation in fiscal oversight.
At a panel discussion on Tuesday, speakers stressed the urgency of transparency, accountability, and independent evaluation in the management of the nation’s growing debt obligations. Among those who addressed the session were the Auditor-General for the Federation, Shaakaa Chira; a representative of the Director-General of the Debt Management Office (DMO), Patience Oniha; and the Chairperson of the Nigeria Union of Journalists (NUJ), FCT Council, Grace Ike.
Their remarks came in the wake of recent warnings from the Speaker of the House of Representatives, Abbas Tajudeen, and former lawmaker Nicholas Ossai, both of whom voiced concern over the country’s deteriorating fiscal position. Mr Tajudeen disclosed on Monday that Nigeria’s debt stock has climbed to about ₦149 trillion, while Mr Ossai projected that by mid-2025 the figure had already exceeded ₦97 trillion. He cautioned that inadequate legislative oversight could reduce the National Assembly to a mere “rubber stamp” institution.
Auditor-General Shaakaa Chira revealed that preliminary audits by his office place the total debt at ₦143.5 trillion as at December 2024, comprising ₦68.8 trillion in external loans and ₦74.6 trillion in domestic borrowing. He noted that the figures remain under review but already highlight the scale of the fiscal challenge.
“As Auditor-General, I examine compliance with borrowing laws and fiscal responsibility requirements. I assess the sustainability of debt levels and report cases where value is not derived from borrowed funds. Through performance audits, we verify whether the loans contracted deliver tangible benefits to citizens,” he said.
Mr Chira explained that his office produces detailed audit reports with dedicated sections on debt, presented in formats accessible to both lawmakers and the public. “We act as the eyes and ears of the Public Accounts Committee,” he stated. “By reporting transparently, we build citizen trust and enhance the credibility of debt oversight.”
Speaking on behalf of the DMO, Mrs Oniha observed that Nigeria ranks among the most indebted economies in West Africa, alongside Ghana, Côte d’Ivoire, and Senegal. She linked the high cost of borrowing to global interest rate increases and tighter monetary policies, which have pushed up loan costs in both domestic and international markets.
She said, “Public debt in one country can transmit to others due to regional interconnectivity and global market shocks. High interest rates, volatile commodity prices, and uncertain global economic prospects affect the management of debt across the region.”
Mrs Oniha urged governments to strengthen debt management frameworks, particularly in data collection and monitoring, and to utilise technical assistance from partners such as the Commonwealth Secretariat. She advised Nigeria to broaden its domestic revenue base, enforce fiscal discipline, and diversify the economy to reduce reliance on borrowing.
“Our debt structure is highly exposed to foreign currency risk. The volatility of exchange rates means external borrowing carries significant vulnerability. Strengthening revenue sources, transparency, and accountability remains the only sustainable path forward,” she cautioned.
NUJ FCT Chairperson Grace Ike argued that debt oversight should not be left solely to parliament or audit bodies. She emphasised the media’s role in ensuring public awareness and sustaining pressure for accountability.
“The media acts as an intermediary between parliament, government institutions, and the public. Public awareness is necessary, and how can we achieve this if not through information sharing and capacity building?” she asked.
Ms Ike called for continuous training to equip journalists with the technical expertise needed to report on debt, audits, and legislative processes. She recommended regular workshops and collaborative initiatives with audit offices and civil society to improve the quality of coverage.
“Investigative journalism is not easy. It requires funding, time, and skills. We must train journalists to confidently carry out undercover reporting on public accounts and debt management. This ensures accurate reporting and guards against misinformation at a time when fake news dominates social media,” she said.
She also pressed for timely and simplified publication of audit reports to make them more accessible to citizens. According to her, the media and civil society should lead sensitisation campaigns so that Nigerians understand their right to demand accountability.
“Most people do not even know they have the right to demand accountability. The media must remind citizens of this right and hold those in power to their promises,” she maintained.
Concluding her remarks, Ms Ike stressed that effective debt monitoring requires cooperation among all stakeholders. “One thing is to write reports and pass resolutions. Another is implementation. As gatekeepers of information, the media stands ready to work with all relevant stakeholders to ensure citizens are empowered, public resources are protected, and sustainable development is achieved,” she said.