The Labor Party urged Nass to stop the encouragement of Tinubu loans in the middle of the national debt soaring

The Labor Party (LP) has asked the President of the Senate Godswill Akpabio and DPR Speaker Tajudeen Abbas to reject the request of the latest loan of Bola Tinubu, warning that the increasing burden of Nigeria’s debt is a serious threat to the economic stability of the country and the future.

In a statement issued in Abuja on Tuesday, the Secretary of the National Publicity while the LP, Tony Akeni, criticized the president’s encouragement for new loans from the World Bank, although there was a concern debt rate and deteriorating economic conditions.

“For Nigerians to respect the worries of Abbas’s speakers, one must place in the perspective of facts,” Adeni said, referring to the increasing fiscal crisis in the country.

He quoted the numbers of the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN), which showed that in only the first three months of 2025, Nigeria’s total public debt jumped from 121.7 trillion in December 2024 to ₦ 149.39 trillion-joint shocks increasing dust greater than 40 percent.

“Even more frightening is that in the same three-month period, the ratio of debt to GDP resulting from this debt rose to 52%, which is far above the highest safe limit of 40% determined by the Nigerian fiscal law itself,” Akeni said.

LP spokesman also highlighted disproportionate drestle debt services placed on state finances.

“What subsequently made the alarming nature of the country’s debt was a revelation that in the last nine months, Nigeria used ₦ 8.93 trillion or $ 6.2 billion to serve its debts,” he said. “This means that 61% of the state revenue ₦ 14.55 trillion obtained during the same period entered the debt service!”

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Akeni also appointed public comments by Abbas speaker, said the leader of the DPR himself could not underestimate the severity of the situation.

“Choosing his words carefully because of the minimum image damage to his party, even Abbas speakers could not escape acknowledge that this was an extreme violation of the debt ceiling and the revenue security threshold set by the Nigerian fiscal law,” he said.

Akeni concluded by condemning the pursuit of additional foreign loans President Tinubu during inflation, poverty, and unemployment deteriorated nationally.

He argues that such loans indicate the administration of the “deaf tone” which is cut off from the reality faced by the ordinary Nigerians every day.

“The request of President Tinubu for new loans from the World Bank, amid the soaring debt, inflation and poverty, is proof that this government is not sensitive to the suffering of Nigerians,” Adeni said.

The position of the Labor Party arises when economic observers and civil society groups continue to express the growth of anxiety over the sustainability of Nigeria’s debt, urged reforms in public expenditure and stopped to borrow indiscriminately.