The Labour Party faction loyal to Nenadi Usman has commended Speaker of the House of Representatives, Tajudeen Abbas, for openly warning that President Bola Tinubu\u2019s heavy borrowing is steering the country into \u201cdangerous waters.\u201d\n<\/p>\n
In a statement on Tuesday, the party\u2019s National Publicity Secretary (Interim), Tony Akeni, challenged Senate President Godswill Akpabio to set aside partisanship and join calls to stop reckless borrowings.\n<\/p>\n
Akeni cited Nigeria\u2019s debt-to-GDP ratio to explain the urgency of the situation.\n<\/p>\n
\u201cIn just the first three months of 2025, Nigeria\u2019s debt stock skyrocketed from \u20a6121.7 trillion to \u20a6149.39 trillion. This pushed the debt-to-GDP ratio to 52%\u2014well above the 40% ceiling set by law.\u201d<\/p>\n
He added that, \u201cwithin nine months, \u20a68.93 trillion, or 61% of total government revenue, was swallowed by debt servicing.\n<\/p>\n
\u201cThese figures are not mere statistics. They are a death sentence on the economic future of Nigerians, both living and unborn. For Speaker Abbas, an APC leader, to admit this much shows how unsustainable Tinubu\u2019s borrowing has become.\u201d\n<\/p>\n
While noting that Abbas had previously been involved in approving loans, the scribe argued his recent intervention should be seen as a corrective step.<\/p>\n
The statement warned Senate President Akpabio against allowing the upper chamber to act as \u201ca rubber stamp for the Executive,\u201d saying history would not absolve leaders who help \u201cmortgage the destiny of this nation.\u201d\n<\/p>\n
The LP insisted that any new loan proposal without a clear, measurable plan for infrastructure, economic growth, and social impact must be rejected outright.\n<\/p>\n
\u201cNigeria cannot continue piling up debts just to fund waste, luxury, and political patronage. The time to put Nigeria first is now,\u201d the statement added.\n<\/p>\n
Abbas, while presenting at the West Africa Association of Public Accounts Committees conference on Monday, expressed concerns that Nigeria\u2019s debt had reached \u201ca critical point\u201d and called for urgent reforms in borrowing practices and oversight.\n<\/p>\n
However, the Speaker later in a rebuttal by his Special Adviser on New Media, Jowosimi Enitan, denied reports that he condemned government borrowing.\n<\/p>\n
\u201cThe Speaker\u2019s call was not against borrowing, but for stronger oversight, transparency, and accountability so that debt translates into real development\u2014roads, schools, hospitals, and innovation,\u201d Enitan stated.<\/p>\n","protected":false},"excerpt":{"rendered":"The Labour Party faction loyal to Nenadi Usman has commended Speaker of the House of Representatives, Tajudeen Abbas,…\n","protected":false},"author":3,"featured_media":213461,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,79,67,132,68],"class_list":{"0":"post-213460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115175715215168999","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/213460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=213460"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/213460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/213461"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=213460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=213460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=213460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}