The Labour Party in Nigeria has called on Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas to intervene in President Bola Tinubu’s request for additional borrowing. Party Interim National Publicity Secretary Tony Akeni warned that the nation’s debt profile and fiscal instability are cause for serious concern.
Public debt has surged dramatically, reaching 149.39 trillion naira within three months and breaching the 40 % threshold set by fiscal laws. Data from the Debt Management Office and the Central Bank of Nigeria show that public debt rose from 121.7 trillion naira in December 2024 to 149.39 trillion naira in the first 90 days of 2025. Consequently, the debt‑to‑GDP ratio has climbed to 52 %, well above the 40 % safety limit prescribed by Nigeria’s fiscal regulations.
The Labour Party’s statement underscores the alarming pace of debt growth and argues that President Tinubu’s request for fresh loans from the World Bank—despite soaring debt, high inflation and widespread poverty—demonstrates a lack of sensitivity to Nigerians’ hardships. The party’s appeal for intervention comes as the country grapples with rising debt, inflation and poverty, leaving many citizens struggling to make ends meet.
The Senate President and the Speaker of the House hold a crucial role in shaping Nigeria’s economic policy, and their response to the Labour Party’s call will be closely watched. As the nation continues to navigate its economic challenges, prudent financial management and a sustainable approach to debt are increasingly essential.
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