Labour Party Urges Akpabio and Abbas to Halt Tinubu's Borrowing Plans Amid Rising Nigerian Debt Crisis

The Labour Party (LP) has called on Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas to halt President Bola Tinubu's borrowing plans, citing Nigeria's escalating debt levels. Data from the Debt Management Office (DMO) and Central Bank of Nigeria (CBN) reveal a rise in public debt from ₦24 trillion in December 2024 to ₦30 trillion in March 2025, exceeding the 40% fiscal ceiling.

LP's Tony Akeni expressed concerns over the country's fiscal health, emphasizing the need to curb borrowing. The LP highlighted the alarming increase in debt servicing costs, reaching ₦6 trillion in the last nine months.

The LP warns of the risks posed by Tinubu's pursuit of a fresh World Bank loan, urging caution to prevent further economic strain.