The Labour Party (LP) faction loyal to Nenadi Usman has thrown its weight behind Speaker of the House of Representatives, Tajudeen Abbas, for sounding the alarm on Nigeria\u2019s rising debt profile under President Bola Tinubu. The faction praised Abbas for what it described as a courageous intervention, warning that the country was drifting into \u201cdangerous waters\u201d due to the government\u2019s growing appetite for loans.
In a statement issued on Tuesday, the party\u2019s Interim National Publicity Secretary, Tony Akeni, said Nigeria\u2019s economic trajectory required urgent correction before it plunged into a full-blown debt crisis. He applauded the Speaker for prioritizing national interest above political considerations, noting that unchecked borrowing was eroding the country\u2019s financial stability and mortgaging the future of younger generations.
Akeni specifically challenged Senate President Godswill Akpabio to demonstrate similar courage and join the calls to halt what he termed \u201creckless borrowings.\u201d According to him, Akpabio, as head of the upper legislative chamber, must rise above partisan politics and take a principled stand to safeguard Nigeria\u2019s long-term economic interests.
The LP spokesperson highlighted alarming figures to underscore the urgency of the matter. He noted that in just the first quarter of 2025, Nigeria\u2019s debt stock ballooned from \u20a6121.7 trillion to \u20a6149.39 trillion. This surge, he explained, pushed the country\u2019s debt-to-GDP ratio to 52 percent, significantly above the 40 percent ceiling set by law. Such a trajectory, he warned, was unsustainable and placed Nigeria at risk of defaulting on its obligations.
\u201cThe numbers speak for themselves,\u201d Akeni stated. \u201cNo nation can borrow its way to prosperity. The leadership of the Senate must act with the same clarity of purpose displayed by the Speaker of the House. Nigerians deserve lawmakers who will defend them from policies that endanger their livelihoods and future.\u201d
The Labour Party faction stressed that its position was not driven by politics but by a genuine concern for economic survival. It called on all stakeholders, including civil society and the private sector, to mount pressure on the federal government to explore alternative strategies for revenue generation, such as improving tax collection, plugging leakages, and fostering local production.
With public debate over Nigeria\u2019s rising debt profile intensifying, the LP\u2019s intervention adds to the mounting pressure on the Tinubu administration to rethink its borrowing strategy. Whether the National Assembly can present a united front on the matter remains to be seen, but analysts say the warning signals from lawmakers and opposition groups should not be ignored.
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The Labour Party (LP) faction loyal to Nenadi Usman has thrown its weight behind Speaker of the House of Representatives, Tajudeen Abbas, for sounding the alarm on Nigeria\u2019s rising debt profile under President Bola Tinubu. The faction praised Abbas for what it described as a courageous intervention, warning that the country was drifting into \u201cdangerous […]<\/p>\n","protected":false},"author":2,"featured_media":18298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,3],"tags":[],"class_list":["post-18299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-naija-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.funminews.com\/wp-content\/uploads\/2025\/09\/images-2025-09-09T132654.523.jpeg?fit=650%2C350&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/comments?post=18299"}],"version-history":[{"count":1,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18299\/revisions"}],"predecessor-version":[{"id":18300,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18299\/revisions\/18300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media\/18298"}],"wp:attachment":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media?parent=18299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/categories?post=18299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/tags?post=18299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}