PBAT’s Govt Reduced Debt Servicing Burden From 96% To 67%

Deputy Speaker of the House of Representatives, Benjamin Kalu says President Bola Ahmed Tinubu’s government has reduced Nigeria’s debt servicing burden from 96% of its revenue in 2023 to 67%.

This breakthrough is a significant step in the country’s efforts to manage its debt.

Speaking at the Inter-Parliamentary Union and United Nations General Assembly 2025 parliamentary hearing in New York, Kalu attributed the reduction to the government’s commitment to sustainable development and debt management.

In a statement by his Chief Press Secretary Levinus Nwabughiogu, Kalu notes that the legislature has strengthened its oversight roles, contributing to the country’s debt reduction efforts.

According to him, the reduction has created fiscal space for investments in critical sectors such as health, education, and infrastructure, essential for achieving the Sustainable Development Goals (SDGs).

While emphasizing that Nigeria is committed to aligning its debt management practices with the SDGs and has made significant progress, the Lawmaker also highlights the challenges Nigeria faces in international trade, including trade marginalization and bureaucratic bottlenecks.

He said despite these challenges, the House of Representatives has prioritized laws to diversify exports, streamline business registration, and leverage the African Continental Free Trade Agreement, AfCFTA.

Additionally, Kalu stresses the importance of robust tax systems in driving poverty reduction, economic growth, and increased public trust.

He applauds the recent passage of four tax bills to second reading in the House of Representatives, which aimed to modernize tax administration, enhance compliance, and to better mobilize domestic resources in support of the SDGs.

However, Kalu notes that successful implementation requires rigorous oversight, transparent governance, and a balanced approach to innovative taxes.

PR Oduyemi Odumade