The Labour Party (LP) has applauded Speaker of the House of Representatives, Tajudeen Abbas, for openly warning against Nigeria’s rising debt and challenged Senate President Godswill Akpabio to show similar patriotism by halting further reckless borrowing under President Bola Tinubu.
In a statement signed by Interim National Publicity Secretary Tony Akeni, LP said Nigeria’s debt crisis has crossed a dangerous line, citing Debt Management Office figures showing a surge from ₦121.7 trillion in December 2024 to ₦149.39 trillion by March 2025—raising the debt-to-GDP ratio to 52%, well above the 40% legal ceiling. The party noted that ₦8.93 trillion—61% of revenue in the past nine months—has already been swallowed by debt servicing.
“These are not statistics, they are shackles on Nigeria’s future,” LP warned. “Abbas has at least raised his voice; Akpabio must prove the Senate is not just an extension of the Presidency by saying no to loans that have no clear benefits for infrastructure, jobs, or the economy.”
While faulting Abbas for previously endorsing questionable loans, LP said his fresh stance should be encouraged as a sign that the legislature can still reclaim its independence. It cautioned Akpabio that history would not forgive leaders who mortgage the nation’s tomorrow for political loyalty.
Godswill Akpabio
