The Labour Party (LP) has raised concerns over Nigeria’s mounting debt profile and fiscal instability.
Naija News reports that the Interim National Publicity Secretary of the party, Tony Akeni, in a statement in Abuja, 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.
Akeni stated that 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.
According to Akeni, 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.
He 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.”
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