The Labour Party (LP) has vehemently urged key legislative figures—Speaker Tajudeen Abbas and Senate President Godswill Akpabio—to take decisive action and halt what it terms President Bola Tinubu’s reckless borrowing spree. Addressing the mounting fiscal crisis, LP warned that Nigeria is fast approaching a point of no return unless urgent interventions are made.
In its statement, the LP spotlighted a staggering national debt landscape:
As of March 31, 2025, Nigeria’s total public debt stood at ₦149.39 trillion, up ₦27.72 trillion (22.8%) year-on-year from ₦121.67 trillion in Q1 2024.
This debt comprises ₦70.63 trillion in external debt (≈ $45.98 billion) and ₦78.76 trillion in domestic debt.
Borrowing surged ₦4.72 trillion (3.3%) quarter-on-quarter, rising from ₦144.67 trillion at end-December 2024.
The LP argues that this growing debt burden—especially amid weak revenue mobilization—threatens to drag the nation deeper into economic turmoil. It called on the National Assembly to prioritize fiscal responsibility, demand transparency in borrowing, and insist on detailed repayment plans.
Political analysts have echoed similar concerns, warning that unchecked borrowing, without commensurate productivity or infrastructure development, could saddle future generations with unsustainable liabilities.
💬 FrontNaija Comment Box
Nigeria’s debt profile is becoming frightening. At ₦149 trillion, the country is borrowing at a pace that does not match visible economic growth or infrastructure delivery. The National Assembly must rise above party loyalty and act as a true check on the executive. Borrowing without accountability is not a development strategy—it is a trap for future generations.
👉 What’s your take?
✅ Yes, Tinubu’s borrowing is reckless and dangerous.
❌ No, borrowing is necessary to stabilize the economy.
🤔 Maybe, but only if loans are tied to visible development.
Drop your thoughts in the comment section!
