The Labour Party (LP) has urged Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas to block President Bola Tinubu’s latest borrowing proposal.
In a statement issued in Abuja, the party’s Interim National Publicity Secretary, Tony Akeni, raised concerns about Nigeria’s spiraling debt profile and fiscal instability.
According to Akeni, Nigeria’s public debt has climbed to ₦149.39 trillion in just three months, a sharp rise from ₦121.7 trillion recorded in December 2024. He noted that the debt-to-GDP ratio has also spiked to 52%, far above the 40% threshold set by Nigeria’s fiscal laws.
“For Nigerians to appreciate Speaker Abbas’ sense of alarm, one must put in perspective the facts,” Akeni said. “The Debt Management Office and the CBN’s data show that in only 90 days, our debts jumped massively, pushing the country into dangerous fiscal territory.”
The LP spokesperson argued that President Tinubu’s request for fresh loans from the World Bank, despite soaring inflation and widespread poverty, reflects a lack of sensitivity to the hardships facing Nigerians.
He urged the National Assembly leadership to prioritize the welfare of citizens and exercise its oversight powers to stop further borrowing.
