Labour Party has described Speaker of House of Representatives Tajudeen Abbas, as true patriot by condemning the reckless borrowings by the All Progressives Congress (APC) led Federal Government.
The party in a statement by interim National Publicity Secretary Prince Tony Akeni, however called on the President of the Senate Godswill Akpabio, to join the Speaker by rejecting future loan requests by President Bola Tinubu.
Labour Party noted that Nigeria’s foreign debts have been on steady increase without “visible economic and infrastructure development for the citizens on behalf of whom they are borrowed.”
The party said both the Debt Management Office and the Central Bank of Nigeria (CBN) published data revealed that Nigeria’s public debt in the first 90 days of this year, soared to #149.39 trillion, from #121.7billion in December 2024.
“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 added.
According to the Labour Party, in the last nine months, Nigeria used N8.93 trillion or $6.2 billion to service her debts.
“This means that 61% of the country’s revenues of #14.55 trillion earned during the same period went into debt servicing!” the party regretted.
It commended Speaker Abbas for admitting that his own party has breached the nation’s debt ceiling and revenue security threshold set by Nigeria’s fiscal laws.
Despite the increasing debt profile however, Labour Party stated that President Tinubu, who is currently on a 10-day vacation in France, is seeking a new World Bank loan.
“Labour Party believes that Speaker Abbas’ admission of President Tinubu as the architect-in-chief of Nigeria’s skyscraping debts, although coming somewhat late, calls for commendation.
“This is especially so if his alarm will help put some breaks on the APC administration’s recklessness in loan procurements,” it said.
The party enjoined all Nigerians to join Speaker Abbas’ call in advocating for “stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible and social returns match every naira borrowed.”
Labour Party called on Senate President Godswill Akpabio to emulate Speaker Abbas.
“Taking the initiative and leading from the front ahead of Akpabio, Mr. Speaker has shown the Senate President a resounding example of objective patriotism by the call to put Nigeria first in all public loans procurement through responsible oversight.
“Going forward, both the Speaker and Senate President should act in accord to ensure that wayward and prodigal borrowings proposed henceforth by the Tinubu administration, which do not have clear achievable blueprint for tangible benefits in infrastructural development, economic wellbeing and security of Nigerians are outrightly rejected and thrown out.
“In particular, before Senate President Akpabio accepts another loan request from President Tinubu … he should remember history. Any people pushed to the wall by grinding poverty with nowhere to turn would defy all one day and turn on their oppressors.
“The solution to preventing this is to end altogether the APC government’s prodigal borrowing and squandering of loans.
“The alternative is to, at the minimum, heed Speaker Abbas’ recommendations of strict oversight over loans and ensure commensurate returns in benefits to Nigerians,” the party advised.
