The Labour Party (LP) has advised Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas to halt President Bola Tinubu’s borrowing, raising concerns over the country’s alarming debt crisis.
The latest reports indicate that Nigeria’s debt-to-GDP ratio has risen to 52 per cent, with the country’s public debt increasing to N149.39 trillion in just three months, surpassing the 40 per cent threshold set by relevant fiscal laws.
In spite of the above, President Tinubu is requesting a fresh World Bank loan.
LP Interim National Publicity Secretary Tony Akeni, speaking in Abuja, said on the issue, “For Nigerians to appreciate Speaker Abbas’ sense of alarm, one must put in perspective the facts.
“Both the Debt Management Office, DMO, and CBN’s published data available to the public reveal that in the first 90 days of this year, 2025 alone, Nigeria’s public debts soared from N121.7billion in December 2024 to N149.39trillion.
“What is more frightening is that in the same three-month period, the debt-to-GDP ratio resulting from these debts rose to 52%, which is far above the highest safe limit of 40% set by Nigeria’s own fiscal laws.
“What further worsens the alarming nature of the country’s debts is the revelation that in the last nine months, Nigeria used N8.93trillion or $6.2billion to service her debts.”
”This means that 61% of the country’s revenues of N14.55trillion earned during the same period went into debt servicing!
“Choosing his words carefully for minimum image damage to his party, even Speaker Abbas could not escape admitting that this is an extreme breach of the debt ceiling and revenue security threshold set by Nigeria’s fiscal laws.”
Akeni added that the president seeking fresh loans amid soaring debt, inflation, and grinding poverty shows that he is insensitive to the suffering of the masses.
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