House of Representatives Deputy Speaker Benjamin Kalu has said President Bola Ahmed Tinubu’s administration has reduced the nation’s debt servicing burden from 96 per cent of its revenue in 2023 to 67 per cent.

He said the government had recorded a major breakthrough in its efforts to manage its debt.

Speaking on the topic: The Debt Crisis and the SDGs: Proposals for Sustainable Solutions at the just-concluded Inter-Parliamentary Union (IPU) and the United Nations General Assembly (UNGA) 2025 parliamentary hearing in New York, Kalu said efforts of the Tinubu government had yielded significant reduction in the nation’s debt burden.

The Deputy Speaker, who represented the country at the events, said the achievement was a testament to the country’s commitment to sustainable development and debt management.

He said: “Nigeria faces a dual crisis: soaring public debt (₦97.34 trillion/$108 billion as of 2024) and constrained fiscal space for SDG investments.

“Key issues include debt servicing burden: 96 per cent of 2023 revenue was spent on debt servicing, crowding out health, education, and infrastructure budgets but the President Tinubu administration significantly reduced this debt servicing to budget ratio to 67 per cent.

“Credit Rating Challenges: biased methodologies by global CRAs (e.g., S&P, Moody’s) inflate borrowing costs, costing Nigeria an estimated $1.5 billion annually in excess interest. SDG trade-offs: debt pressures delay critical projects like renewable energy grids and universal healthcare, jeopardizing Nigeria’s 2030 agenda commitments.

“The National Assembly is currently reviewing the Fiscal Responsibility Act to enforce debt ceilings and transparency.

“The House of Representatives, through my office, is actively working on reforms to leverage philanthropy and impact investing for SDG-aligned debt management.

“To achieve this reduction, we have implemented several measures, including strengthening parliamentary oversight, regulating the financial sector, and promoting innovative financing solutions.

“We are committed to continuing on this path and ensuring that our debt management practices are transparent, accountable, and aligned with our development goals.”