The Labour Party (LP) has urged the leadership of the National Assembly to block President Bola Tinubu’s fresh borrowing request, warning that Nigeria’s debt profile has reached a dangerous level.
The party’s Interim National Publicity Secretary, Tony Akeni, made the appeal in a statement issued in Abuja on Tuesday.
Akeni cautioned Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas to use their offices to halt what he described as reckless borrowing that could further endanger the country’s fiscal stability.
READ ALSO: Nigeria Meets 2025 Revenue Target, Economy Now Stable- Tinubu
According to him, Nigeria’s debt stock has spiraled beyond safe limits. He noted that figures from the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN) show the nation’s public debt jumped from N121.7 trillion in December 2024 to N149.39 trillion within the first three months of 2025.
“For Nigerians to appreciate Speaker Abbas’ sense of alarm, one must put in perspective the facts,” the statement read.
“In just 90 days, Nigeria’s public debts soared by N27.69 trillion. What is more frightening is that within the same period, the debt-to-GDP ratio rose to 52 percent, far above the 40 percent ceiling prescribed by Nigeria’s fiscal laws,” Akeni said.
The LP spokesman argued that Tinubu’s loan request from the World Bank, despite rising debt, inflation, and worsening poverty, showed a lack of sensitivity to the plight of Nigerians.
Meanwhile, President Bola Tinubu has announced that Nigeria met its 2025 revenue target in August, assuring that the government now has sufficient resources to fund programmes without resorting to borrowing. He described the achievement as evidence that the economy is beginning to stabilise after a period of turbulence.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.
