The Labour Party in Nigeria has urged the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, to intervene in President Bola Tinubu’s request for additional borrowing. According to Tony Akeni, the party’s Interim National Publicity Secretary, the country’s debt profile and fiscal instability are causes for concern.
Nigeria’s public debt has increased significantly, reaching 149.39 trillion naira in just three months, surpassing the 40% threshold set by fiscal laws. Data from the Debt Management Office and the Central Bank of Nigeria shows that the public debt rose from 121.7 billion naira in December 2024 to 149.39 trillion naira in the first 90 days of 2025. The debt-to-GDP ratio has also increased to 52%, exceeding the safe limit of 40% set by Nigeria’s fiscal laws.
The Labour Party’s statement highlights the alarming rate at which Nigeria’s debt is growing, with the debt-to-GDP ratio rising rapidly. The party argues that President Tinubu’s request for fresh loans from the World Bank, despite the country’s soaring debt, inflation, and poverty, demonstrates a lack of sensitivity to the struggles of Nigerians.
The party’s call for the Senate President and Speaker of the House of Representatives to intervene comes as Nigeria grapples with economic challenges. The country’s economic situation has been characterized by rising debt, inflation, and poverty, with many Nigerians struggling to make ends meet. The Labour Party’s concerns about the country’s debt profile and fiscal instability are likely to resonate with many Nigerians who are worried about the country’s economic future.
The Senate President and Speaker of the House of Representatives have a crucial role to play in shaping the country’s economic policy, and their response to the Labour Party’s call will be closely watched. As Nigeria continues to navigate its economic challenges, the need for prudent management of the country’s finances and a sustainable approach to debt management has become increasingly important.
