**Nigerian House of Representatives Raises Concern
The Nigerian House of Representatives has voiced serious concerns over the country’s escalating debt, which reached a record N121.67 trillion by March 31, 2024. This rapid increase—up by N24.33 trillion since December 2023—was flagged as a threat to fiscal stability and economic growth.
In response, the House has mandated an audit, led by the Committee on Aids, Loans, and Debt Management, to review loans taken by both federal and state governments. This audit aims to ensure accountability, proper utilization of funds, and transparency. Representative Lanre Okunlola of Surulere II Constituency, who introduced the motion, warned that inefficiencies in loan management risk impacting essential sectors like education, healthcare, and infrastructure.
Okunlola stressed that debt servicing costs are undermining financial resources, stating, “There are growing concerns regarding the lack of proper oversight in loan management.” He urged for stronger oversight to safeguard public services and enforce fiscal responsibility.
The committee’s findings are expected to guide further legislative actions, potentially shaping future policies on Nigeria’s debt management and economic planning.
