Nigeria News NalinAccording to reports, House Deputy Speaker Benjamin Kalu revealed that President Bola Tinubu has reduced debt liability to 67% from 96% of revenue in 2023.
The MP revealed this on Sunday during a speech at a recently concluded Inter-Parliamentary Union (IPU) and the United Nations General Assembly (UNGA) in 2025 in New York, USA, with the theme “For Sustainability” Development Goals Expansion Action: Finance: Finance, Financial Status: Institutional and Political.”
He asserted that this achievement demonstrates the country’s commitment to sustainable development and debt management.
According to him, the significant reduction creates fiscal space for investment in key sectors such as health, education and infrastructure, which is crucial to achieving the Sustainable Development Goals (SDGs).
He said:Nigeria faces a double crisis: public debt soaring ($97.34 trillion/$1008 billion as of 2024), fiscal space constraints that can be used for investment in Sustainable Development Goals. Key issues include debt service burden: 96% of revenue in 2023 goes to debt services, crowded health, education and infrastructure budgets, but President Tinob’s administration has significantly reduced this debt service to budget ratio to 67%.
“Credit rating challenge: Biased approaches to global CRAs (e.g., Standard & Poor’s, Moody’s) inflate borrowing costs, causing Nigeria’s estimated losses of $1.5 billion per year. Trade-offs of the SDGs: Debt pressure delays critical projects such as renewable Energy grids and universal health care, endangering Nigeria’s 2030 agenda commitment. The National Assembly is currently reviewing the Fiscal Responsibility Act to enforce debt ceilings and transparency.
“The House passed my office is actively reforming to capitalize on philanthropy and investments in debt management that are aligned with the SDGs.
“Strengthen the supervision of government debt by parliament. Guidance question: How does parliament strengthen supervision of government debt?
“To achieve this reduction, we have taken several measures, including strengthening parliamentary oversight, regulating the financial sector and promoting innovative financing solutions.
“We are committed to continuing this path and ensuring that our debt management practices are transparent, responsible, and aligned with our development goals.”
honor. Karu also explained that Nigeria’s debt reduction efforts are driven by commitments to the Sustainable Development Goals, which aim to eradicate poverty, protect the planet and ensure peace and prosperity for all.
