By John Alechenu
Abuja—Labour Party, LP, has urged Senate President, Godswill Akpabio, and House of Representatives Speaker, Tajudeen Abbas, to reject President Tinubu’s borrowing requests, citing concerns over Nigeria’s mounting debt profile and fiscal instability.
Nigeria’s debt crisis has reached alarming levels, with the country’s public debt soaring to ?149.39 trillion in barely three months, surpassing the 40 per cent threshold set by relevant fiscal laws.
The debt-to-GDP ratio has risen to 52 per cent, with 61 per cent of revenue going towards debt servicing.
Despite this, President Tinubu is seeking a new World Bank loan.
Interim National Publicity Secretary of Labour Party, Tony Akeni, who stated this in a statement in Abuja yesterday, said: “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.”
He stated further that 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 sufferings of Nigerians.
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