…says Nigeria’s public debt surged from ₦121.7 trillion in December 2024 to ₦149.39 trillion in the first quarter of 2025.
ABUJA, NIGERIA – The iNews Times | The Labour Party has called on the leadership of the National Assembly to take urgent legislative action to halt President Bola Tinubu’s borrowing spree, citing the country’s deepening debt crisis and growing economic fragility.
In a statement issued in Abuja, the LP’s Interim National Publicity Secretary, Tony Akeni, said both the Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, must act swiftly to prevent the federal government from plunging the country into what he described as a “fiscal black hole.”
According to Akeni, recent data from the Debt Management Office (DMO) and Central Bank of Nigeria (CBN) show that Nigeria’s public debt surged from ₦121.7 trillion in December 2024 to ₦149.39 trillion in the first quarter of 2025 alone, a jump of nearly ₦28 trillion in just 90 days.
“What is more frightening,” Akeni said, “is that the debt-to-GDP ratio has skyrocketed to 52%, far exceeding the 40% threshold permitted by Nigeria’s fiscal responsibility laws.”
He added that in the last nine months alone, Nigeria spent ₦8.93 trillion equivalent to $6.2 billion on debt servicing, accounting for 61% of the country’s total revenue of ₦14.55 trillion within the same period.
“This level of debt servicing is not only unsustainable, it is a direct threat to Nigeria’s ability to invest in critical infrastructure, education, health, and social welfare,” the LP spokesperson stated.
While acknowledging Speaker Abbas’ subtle concern about the growing debt burden, Akeni noted that even the National Assembly’s leadership appears overwhelmed by the sheer scale of the crisis.
“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,” he said.
Akeni warned that the President’s request for a fresh World Bank loan despite existing inflationary pressures, widespread poverty, and declining purchasing power was a tone-deaf move that undermines public confidence in government.
“At a time when Nigerians are dealing with hardship, hunger, and hyperinflation, the President’s insistence on fresh loans shows a lack of sensitivity to the suffering of the masses,” he said.
The Labour Party called on the National Assembly to fulfil its constitutional responsibility by halting further approvals for external loans until a comprehensive debt audit is carried out and a sustainable fiscal roadmap is presented to Nigerians.
As public debate intensifies over the direction of the country’s economic policies, the LP’s warning adds a louder voice to the growing calls for transparency, accountability, and restraint in Nigeria’s borrowing culture.
