The Labour Party (LP) has voiced serious concerns over Nigeria’s mounting public debt profile and the nation’s fragile fiscal stability. In a strong statement, the party’s Interim National Publicity Secretary, Tony Akeni, urged Senate President Godswill Akpabio and House Speaker Tajudeen Abbas to intervene and halt President Bola Tinubu’s request for new loans.
According to the party, Nigeria’s debt crisis has reached an “alarming” level, with the public debt soaring to ₦149.39 trillion in just three months. This figure, Akeni stated, has pushed the country’s debt-to-GDP ratio to 52%, which is well above the 40% safe limit set by Nigeria’s own fiscal laws. The party called the government’s continued borrowing, amidst soaring inflation and poverty, proof that the administration is “insensitive” to the plight of ordinary Nigerians.
The LP’s statement highlighted a breakdown of recent financial data, citing public information from the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN). Akeni noted that in the first three months of 2025, the country’s public debt increased from ₦121.7 billion to ₦149.39 trillion. Furthermore, the party pointed out a critical issue: a staggering 61% of the country’s total revenues—₦8.93 trillion—earned over the past nine months was used for debt servicing, a practice that jeopardizes the nation’s financial security.
By calling on the heads of the National Assembly, the Labour Party is signaling a political and fiscal showdown over the government’s borrowing policies, insisting that continued borrowing is not a sustainable solution and will lead to long-term economic instability.
