The Labour Party (LP) has called on the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, to use their offices and stop President Bola Tinubu’s borrowing request.
Tony Akeni, the party’s Interim National Publicity Secretary, made this call in a statement released in Abuja.
Akeni expressed concern about Nigeria’s rising debt profile and fiscal instability.
According to him, Nigeria’s debt crisis has gotten out of control, with the nation’s public debt skyrocketing to 149.39 trillion in just three months, exceeding the 40% threshold established by applicable fiscal laws.
“One needs to put the facts in perspective in order for Nigerians to understand Speaker Abbas’ sense of alarm.
Nigeria’s public debts increased from N121.7 billion in December 2024 to N149.39 trillion in the first ninety days of 2025 alone, according to publicly available data from the Debt Management Office (DMO) and CBN.
More alarmingly, the debt-to-GDP ratio resulting from these debts increased to 52% in the same three-month period, well above the 40% maximum safe limit established by Nigeria’s own fiscal laws, the statement said.
According to the statement, President Tinubu’s request for fresh loans from the World Bank, amid soaring debt, inflation, and grinding poverty, was proof that this administration was insensitive to the sufferings of Nigerians.
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