Some experts have urged West African lawmakers to step up oversight of debt management as unchecked public borrowing posed a threat to the sub-region’s economic future.
The experts made the call on Tuesday at the ongoing 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja.
The News Agency of Nigeria (NAN) reports that the theme for the week-long conference is “Strengthening Parliamentary Oversight of Public Debt.”
The conference brought together lawmakers from Benin, Burkina Faso, Côte d’Ivoire, Ghana, Guinea, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, The Gambia, Togo, and South Africa.
Prof. Abdelrasaq Na-Allah of the Department of Economics at the University of Abuja stated that debt sustainability is not just a technical issue, but a political and moral responsibility that directly impacts development and intergenerational equity.
Na-Allah tasked the legislature with scrutinising borrowing proposals, testing the assumptions behind debt projections and demanding transparency in public debt reporting.
Parliaments must rise above politics and guard against manipulation in debates over the debt ceiling. New loans must only be approved when they are productive, growth-enhancing and fiscally responsible,” he said.
He, however, acknowledged that only a vigilant and empowered legislature can ensure that public borrowing delivers value for citizens rather than burdening future generations.
Additionally, a former member of the House of Representatives, Dr Nicholas Ossai, recommended the establishment of a Parliamentary Budget Office (PBO) to provide independent debt sustainability assessments and policy analysis.
He said that when established, it will also provide technical advisors and financial analysts to support committees.
Ossai stated that the Fiscal Responsibility Act should be amended to require full disclosure of loan terms before legislative approval and to introduce timelines for legislative consideration of loan requests, thereby avoiding rubber-stamping.
The former lawmaker also recommended a Loan Oversight Manual for lawmakers to guide them in scrutinising borrowing proposals and following up on implementation.
He said that the Debt Management Office (DMO) should publish quarterly reports to parliament on loan performance and debt servicing.
Ossai said that coordination between the Finance Committee, the Public Accounts Committee, and sectoral committees should be strengthened through joint oversight missions and hearings.
He said that the parliament should institutionalise public hearings on major loan agreements and publish all approved loan agreements on a parliamentary portal to promote transparency.
Also speaking, the Chairman of the Nigerian Union of Journalists (NUJ) FCT Chapter, Ms Grace Ike, called for greater collaboration between the media, Civil Society Organisations (CSOs), and the Parliament to strengthen oversight of public debt and enhance accountability in Nigeria.
She stated that the media serves as a mirror of society and a vital watchdog in holding public officials accountable.
Ike noted that without the active involvement of journalists, the work of parliamentary committees such as the Public Accounts Committee (PAC) would not achieve the desired impact.
The NUJ FCT chairman emphasised the need for training and retraining of journalists to deepen their understanding of audit processes, public debt issues and the technical aspects of legislative oversight.
