LP asks Abbas, Akpabio to stop Tinubu’s reckless borrowing

By John Alechenu

Abuja—Labour Party, LP, has urged Senate President, Godswill Akpabio, and House of Representatives Speaker, Tajudeen Abbas, to cull President Tinubu’s borrowing requests, citing concerns implicit Nigeria’s mounting indebtedness illustration and fiscal instability.

Nigeria’s indebtedness situation has reached alarming levels, with the country’s nationalist indebtedness soaring to ?149.39 trillion successful hardly 3 months, surpassing the 40 per cent threshold acceptable by applicable fiscal laws.

The debt-to-GDP ratio has risen to 52 per cent, with 61 per cent of gross going towards indebtedness servicing.

Despite this, President Tinubu is seeking a caller World Bank loan.

Interim National Publicity Secretary of Labour Party, Tony Akeni, who stated this successful a connection successful Abuja yesterday, said: “For Nigerians to admit Speaker Abbas’ consciousness of alarm, 1 indispensable enactment successful position the facts.

“Both the Debt Management Office, DMO, and CBN’s published information disposable to the nationalist uncover that successful the archetypal 90 days of this year, 2025 alone, Nigeria’s nationalist debts soared from N121.7billion successful December 2024 to N149.39trillion.

“What is much frightening is that successful the aforesaid three-month period, the debt-to-GDP ratio resulting from these debts, roseate to 52%, which is acold supra the highest harmless bounds of 40% acceptable by Nigeria’s ain fiscal laws.

“What further worsens the alarming quality of the country’s debts is the revelation that successful the past 9 months, Nigeria utilized N8.93trillion oregon $6.2billion to work her debts.”

”This means that 61% of the country’s revenues of N14.55trillion earned during the aforesaid play went into indebtedness servicing!

“Choosing his words cautiously for minimum representation harm to his party, adjacent Speaker Abbas could not flight admitting that this is an utmost breach of the indebtedness ceiling and gross information threshold acceptable by Nigeria’s fiscal laws.”

He stated further that President Tinubu’s petition for caller loans from the World Bank, amid soaring debt, ostentation and grinding poverty, was impervious that this medication was insensitive to sufferings of Nigerians.

The station LP asks Abbas, Akpabio to halt Tinubu’s reckless borrowing appeared archetypal connected Vanguard News.