Labour Party to NASS: Reject Tinubu’s Borrowing Plans Amid Soaring Debt
The Labour Party (LP) has called on Senate President Godswill Akpabio and House Speaker Tajudeen Abbas to halt President Bola Tinubu’s fresh borrowing requests, warning that Nigeria’s rising debt profile poses a grave threat to economic stability.
In a statement issued Tuesday in Abuja, the party’s Interim National Publicity Secretary, Tony Akeni, expressed concern that the nation’s public debt surged from ₦121.7 trillion in December 2024 to ₦149.39 trillion within the first quarter of 2025.
According to him, the country’s debt-to-GDP ratio has climbed to 52 percent—well above the 40 percent threshold permitted by fiscal laws—while 61 percent of Nigeria’s revenue is already being channeled into debt servicing.
Akeni described Tinubu’s bid for additional World Bank loans as “reckless,” arguing that it reflects insensitivity to the hardship faced by Nigerians battling inflation and poverty.
He was reacting to Speaker Abbas’ recent admission at a parliamentary conference that the administration, including the legislature, shares responsibility for the nation’s “scandalous debt profile.” The LP however commended Abbas’ candour, describing his alarm as “a commendable step toward accountability.”
“For Nigerians to appreciate Speaker Abbas’ sense of alarm, one must put in perspective the facts,” Akeni said, citing data from the Debt Management Office and Central Bank of Nigeria. “In the first 90 days of 2025 alone, public debt jumped by nearly ₦28 trillion. At the same time, ₦8.93 trillion—representing 61 percent of government revenue—was spent on debt servicing. This is an extreme breach of the debt ceiling and revenue security threshold set by Nigeria’s fiscal laws.”
The LP insisted that further borrowing would only deepen the economic crisis, urging the National Assembly to take decisive steps in protecting the country’s financial future.
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