The Labour Party faction loyal to Nenadi Usman has commended Speaker of the House of Representatives, Tajudeen Abbas, for openly warning that President Bola Tinubu’s heavy borrowing is steering the country into “dangerous waters.”
In a statement on Tuesday, the party’s National Publicity Secretary (Interim), Tony Akeni, challenged Senate President Godswill Akpabio to set aside partisanship and join calls to stop reckless borrowings.
Akeni cited Nigeria’s debt-to-GDP ratio to explain the urgency of the situation.
“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 that, “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.”
While noting that Abbas had previously been involved in approving loans, the scribe argued his recent intervention should be seen as a corrective step.
The statement warned Senate President Akpabio against allowing the upper chamber to act as “a rubber stamp for the Executive,” saying history would not absolve leaders who help “mortgage the destiny of this nation.”
The LP insisted that any new loan proposal without a clear, measurable plan for infrastructure, economic growth, and social impact must be rejected outright.
“Nigeria cannot continue piling up debts just to fund waste, luxury, and political patronage. The time to put Nigeria first is now,” the statement added.
Abbas, while presenting at the West Africa Association of Public Accounts Committees conference on Monday, expressed concerns that Nigeria’s debt had reached “a critical point” and called for urgent reforms in borrowing practices and oversight.
However, the Speaker later in a rebuttal by his Special Adviser on New Media, Jowosimi Enitan, denied reports that he condemned government borrowing.
“The Speaker’s call was not against borrowing, but for stronger oversight, transparency, and accountability so that debt translates into real development—roads, schools, hospitals, and innovation,” Enitan stated.
