Abbas emphasized the need for urgent reforms in borrowing practices and oversight, stressing that stronger oversight, transparent borrowing practices, and collective resolve are necessary to ensure tangible economic and social returns.
He noted that several African countries are in dangerous debt-to-GDP territories, spending more on loan servicing than healthcare and essential services. Abbas announced plans to establish a West African Parliamentary Debt Oversight Framework and a regional capacity-building program for Public Accounts and Finance Committees.
The Speaker emphasized that borrowing should support critical infrastructure, health, education, and industries, warning against reckless debt that fuels consumption or corruption. He reiterated the House's commitment to accountability, ensuring major borrowing proposals are subjected to public hearings and simplified debt reports are made available to citizens.
