The Labour Party (LP) has hailed Speaker of the House of Representatives, Tajudeen Abbas, as a “true patriot” for openly criticizing what it described as the reckless borrowing culture of the All Progressives Congress (APC)-led Federal Government.
In a statement issued by its interim National Publicity Secretary, Tony Akeni, the party urged Senate President Godswill Akpabio to emulate Speaker Abbas by rejecting future loan requests from President Bola Tinubu.
According to LP, Nigeria’s debt burden has reached alarming levels without corresponding development in infrastructure or economic growth.
Citing figures from the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN), the party noted that the country’s public debt soared to ₦149.39 trillion in the first quarter of 2025, up from ₦121.7 trillion in December 2024.
“What is more frightening,” the party said, “is that within the same three-month period, Nigeria’s debt-to-GDP ratio jumped to 52%, far above the 40% safe threshold set by Nigeria’s fiscal laws.”
It further lamented that in the past nine months, Nigeria spent ₦8.93 trillion ($6.2 billion) on debt servicing, representing 61% of total revenues earned during the period.
The Labour Party commended Speaker Abbas for admitting that his party has breached the debt ceiling and revenue security threshold enshrined in the country’s fiscal laws.
Despite this, the LP expressed concern that President Tinubu currently on a 10-day vacation in France has continued to pursue fresh loans, including a new World Bank facility.
“Speaker Abbas’ admission of President Tinubu as the architect-in-chief of Nigeria’s skyscraping debts, though late, deserves commendation if it will help curb the APC administration’s recklessness in loan procurements,” the statement read.
The party called on Senate President Akpabio to lead responsibly by rejecting loan requests that lack clear, achievable blueprints for economic growth, infrastructure, and social development.
“Taking the initiative ahead of Akpabio, the Speaker has shown a resounding example of patriotism. Both presiding officers must ensure that wasteful and prodigal borrowings are rejected outright in the interest of Nigerians,” LP said.
It warned that unchecked borrowing could plunge Nigerians deeper into poverty, with dire consequences for political stability.
“The solution is to end the APC government’s prodigal borrowing and squandering of loans altogether, or at the very least, enforce strict oversight and ensure commensurate returns for every naira borrowed,” the party advised.
