The Interim National Publicity Secretary of the party, Tony Akeni, made this call in a statement in Abuja.
Labour Party, LP, has begged the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas to immediately stop President Bola Tinubu’s reckless borrowing requests.
The call was made by the Interim National Publicity Secretary of the party, Tony Akeni in Abuja.
Akeni cited concerns over Nigeria’s mounting debt profile and fiscal instability.
He stated that Nigeria’s debt crisis has reached alarming levels, with the country’s public debt soaring to 149.39 trillion in barely three months, surpassing the 40 per cent threshold set by relevant fiscal laws.
“For Nigerians to appreciate Speaker Abbas’ sense of alarm, one must put in perspective the facts.
“Both the Debt Management Office, DMO, and CBN’s published data available to the public reveal that in the first 90 days of this year, 2025 alone, Nigeria’s public debts soared from N121.7billion in December 2024 to N149.39trillion.
“What is more frightening is that in the same three-month period, the debt-to-GDP ratio resulting from these debts, rose to 52%, which is far above the highest safe limit of 40% set by Nigeria’s own fiscal laws,” the statement said.
According to the statement, President Tinubu’s request for fresh loans from the World Bank, amid soaring debt, inflation and grinding poverty, was proof that this administration was insensitive to the sufferings of Nigerians.