The West Africa Association of Public Accounts Committees (WAAPAC) has opened its conference in Abuja, Nigeria, urging African leaders to commit to prudent borrowing practices.
The ongoing conference theme: “Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees
The conference is organised by the Public Accounts Committee of the Nigerian House of Representatives.
The Nigerian Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, says Africa needs parliamentary efforts to address debt challenges in the country.
He disclosed his Keynote address at the opening ceremony of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, WAAPAC, ongoing in Abuja.
Mr. Edun said that the message of the conference is clear.
“We must act decisively to strengthen oversight, deepen physical discipline, and ensure that public resources deliver real and measurable values and facilities that are fit for purpose for our people.”
“The government’s role, as it’s being repeatedly said, is not to cry down the private sector but to, with the help of you lawmakers, you policy makers and legislators, to remove distortions, unlock opportunities and create the right environment for investments.” He said.
Also added that the government’s role is to serve as an enabler, a policy maker, a lawmaker, and a catalyst.
Physical Discipline
The minister also said that there is a need to sustain physical discipline in debt servicing.
Mr. Edun said that it is imperative to make sure that borrowing yields returns by focusing on project-tied borrowing.
He urged African leaders to commit to prudent borrowing, realistic budgeting, transparent reporting and rigorous parliamentary oversight so that Africa can build a physical framework across the continent to secure sustainable and resilient situations that will guarantee prosperity for future generations.
The President of the Nigerian Senate, Senator Godswill Akpabio, said the Nigerian constitution has empowered the Public Accounts Committee to scrutinise financial matters and ensure accountability.
“Nigeria has institutionalised finance and public accounts committees as watchdogs of our democracy. Committees that serve as the people’s eyes in holding the executive arm accountable,” Senator Akpabio said.
He also recommended that all African nations that are members of WAPAC give legislative backing to the Public Accounts Committee to guarantee independence and effectiveness in protecting their public funds.
The Speaker of the House of Representatives, Mr. Tajuddeen Abbas, said that the gathering could not have come at a more opportune time, as Nigeria needs stronger legislative oversight of public debt and borrowing.
“Indeed, public debt, when managed prudently, can be a tool for growth and prosperity. Yet, when left unchecked, it becomes a burden that erodes economic stability and threatens the welfare of future generations. Therefore, oversight of public debt is a democratic duty and a moral responsibility of the legislature. Our parliaments must ensure that every borrowing decision reflects prudence, transparency, and the collective interest of our citizens. “Mr. Abbas said.
Constructive Action
The President West Africa Association of Public Accounts Committees, Mr. Issouf Traore, said that the conference would provide a conducive atmosphere to strategise for constructive action that would bring about effective oversight in Africa.
The Chairman of the committee, Mr. Bamidele Sallam, said that the conference is to leverage the experiences of parliamentarians from different countries.