The Labour Party (LP) faction led by Senator Nenadi Usman has applauded Speaker of the House of Representatives, Tajudeen Abbas, for raising the alarm over Nigeria’s mounting debt under President Bola Tinubu.
In a statement on Tuesday, September 9, Tony Akeni, LP’s Interim National Publicity Secretary, urged Senate President Godswill Akpabio to set aside partisan interests and back measures to curb unsustainable borrowing.
Akeni highlighted the scale of the problem, noting, “In just the first three months of 2025, Nigeria’s debt stock skyrocketed from ₦121.7 trillion to ₦149.39 trillion. This pushed the debt-to-GDP ratio to 52%—well above the 40% ceiling set by law.”
He added, “Within nine months, ₦8.93 trillion, or 61% of total government revenue, was swallowed by debt servicing. These figures are not mere statistics.
“They are a death sentence on the economic future of Nigerians, both living and unborn. For Speaker Abbas, an APC leader, to admit this much shows how unsustainable Tinubu’s borrowing has become.”
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While acknowledging Abbas’ previous role in approving loans, Akeni said the Speaker’s intervention should be seen as a corrective step.
The LP warned that the Senate must not act as “a rubber stamp for the Executive,” adding that history will judge leaders who help “mortgage the destiny of this nation.”
The party insisted that any new borrowing plan lacking a clear strategy for infrastructure, economic growth, and social impact must be rejected.
“Nigeria cannot continue piling up debts just to fund waste, luxury, and political patronage. The time to put Nigeria first is now,” the statement emphasised.
Abbas had raised concerns at the West Africa Association of Public Accounts Committees conference on Monday, describing Nigeria’s debt as reaching “a critical point” and calling for stronger oversight and reforms in borrowing practices.
However, the Speaker’s Special Adviser on New Media, Jowosimi Enitan, clarified that Abbas’ call was not against borrowing itself, but “for stronger oversight, transparency, and accountability so that debt translates into real development—roads, schools, hospitals, and innovation.”