ABUJA — The Labour Party (LP) has urged Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas to intervene and stop President Bola Tinubu’s fresh borrowing request, warning that Nigeria’s debt crisis has reached a dangerous tipping point.
The call was made in a statement by the party’s Interim National Publicity Secretary, Tony Akeni, who expressed deep concern over the country’s fiscal trajectory.
According to Akeni, Nigeria’s debt stock surged to ₦149.39 trillion within just three months — a sharp rise from ₦121.7 trillion in December 2024 — pushing the debt-to-GDP ratio to 52%, well above the 40% legal threshold set by fiscal laws.
“For Nigerians to appreciate Speaker Abbas’ sense of alarm, one must put in perspective the facts,” Akeni said. “Both the Debt Management Office (DMO) and the CBN’s published data show that in the first 90 days of 2025 alone, Nigeria’s public debt ballooned to ₦149.39 trillion. This is frightening.”
He added that President Tinubu’s continued loan requests, particularly from the World Bank, amid skyrocketing debt, inflation, and worsening poverty, signaled insensitivity to the plight of ordinary Nigerians.
The LP maintained that the National Assembly must prioritize the country’s economic survival over political loyalty by rejecting further borrowing that could plunge future generations into deeper financial distress.
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