WAAPAC Abuja 2025: Nigeria Pushes Regional Debt Oversight as Africa Faces Fiscal Crisis
By Comfort Chukwukelue
Abuja — Africa’s mounting debt crisis took centre stage on Monday as Nigeria opened the 11th Annual Conference and General Assembly of the West African Association of Public Accounts Committees (WAAPAC), with Speaker of the House of Representatives Abbas Tajudeen calling for a unified regional framework to oversee public borrowing.
Tajudeen, represented by Majority Leader Julius Ihonvbere, warned that the continent’s total public debt had ballooned to $1.8 trillion by 2022, with external debt surpassing $1 trillion the following year. “Across our continent, governments are spending more on servicing debt than on healthcare and education,” he said. “This is not just a budgetary concern; it is a structural crisis that shrinks our fiscal space and weakens our development agenda.”
The Speaker announced that Nigeria would spearhead the creation of a West African Parliamentary Debt Oversight Framework, designed to harmonize debt reporting and strengthen transparency across the region. “Oversight of public debt is not only a legal duty,” he said, “it is a democratic and moral responsibility.”
Chairman of Nigeria’s Public Accounts Committee (PAC), Hon. Bamidele Salam, used the platform to highlight Nigeria’s recent accountability reforms. He revealed that in the past year alone, the PAC had recovered more than ₦200 billion through scrutiny of government accounts. “Our duty is to ensure that every naira borrowed or spent serves the collective good,” he said. “This conference gives us a platform to learn from one another and strengthen our institutions so that debt accumulation does not become a pathway to crisis.”
Salam added that Nigeria had digitalised PAC hearings to improve efficiency and transparency and stressed the importance of cross-border cooperation, citing recent engagements with committees in Ghana, Kenya, Rwanda, Uganda, and Zimbabwe.
Finance Minister Wale Edun tied the debt discussion to President Bola Tinubu’s economic reforms, describing subsidy removal, tax restructuring, and exchange rate liberalisation as tough but necessary decisions. “The Nigerian economy is turning the corner,” he declared. “Our focus is on prudent borrowing, debt transparency, and ensuring that every public resource is invested in infrastructure, healthcare, education, and industries that create jobs.”
Edun warned that borrowing without value creation would be unsustainable. “We must act decisively to strengthen oversight, deepen fiscal discipline, and ensure that public resources deliver measurable benefits to our people,” he said.
Senate President Godswill Akpabio reinforced the role of legislatures, describing PACs as “the watchdogs of our democracy.” He urged WAAPAC members to give their committees legislative backing and independence to effectively protect public funds.
WAAPAC President Issouf Traoré praised Nigeria for hosting the conference for the first time since 2009 and said the gathering was an opportunity to “strategize for constructive action that will bring about effective oversight in our region.”
Running from September 8–12 in Abuja, the conference is themed “Strengthening Parliamentary Oversight of Public Debt: The Role of Public Accounts Committees.” Delegates are expected to adopt resolutions that will enhance fiscal responsibility, improve debt transparency, and reinforce parliamentary accountability as a foundation for Africa’s economic resilience.
