Tinubu <\/a>is seeking approval for a fresh World Bank loan.<\/p>\nTony Akeni, interim national publicity secretary of LP, said the figures paint a grim picture of Nigeria\u2019s fiscal health.<\/p>\n
He said: \u201cFor Nigerians to appreciate Speaker Abbas\u2019 sense of alarm, one must put in perspective the facts.<\/p>\n
\u201cIn the first 90 days of this year alone, Nigeria\u2019s public debts soared from N121.7 trillion to N149.39 trillion.<\/p>\n
\u201cWhat 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\u2019s own fiscal laws.\u201d<\/p>\n
He added that Nigeria spent N8.93 trillion ($6.2 billion) on debt servicing in the last nine months, amounting to 61 percent of the N14.55 trillion in revenue earned during the same period.<\/p>\n
\u201cChoosing his words carefully for minimum image damage to his party, even Speaker Abbas could not escape admitting that this is an extreme breach of the debt ceiling and revenue security threshold set by Nigeria\u2019s fiscal laws,\u201d Akeni said.<\/p>\n
The LP spokesperson described the move to seek fresh loans in the face of spiralling debt, inflation, and worsening poverty as \u201cinsensitivity to the suffering of the masses.\u201d<\/p>\n
The article was originally published on Politics Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Labour Party (LP) has urged Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas to stop President Bola Tinubu\u2019s borrowing plans. According to the opposition party, Nigeria\u2019s debt profile under the Tinubu-led administration has reached a dangerous level. The Debt Management Office (DMO) and Central Bank of Nigeria (CBN) data show that […]<\/p>\n","protected":false},"author":14,"featured_media":235547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_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},"jetpack_post_was_ever_published":false},"categories":[5],"tags":[],"class_list":["post-235546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"amp_enabled":true,"jetpack_featured_media_url":"https:\/\/abiaradiostations.com.ng\/news\/wp-content\/uploads\/2025\/09\/GOwjyg_X0AE1KM9-1.jpeg","_links":{"self":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/posts\/235546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/comments?post=235546"}],"version-history":[{"count":0,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/posts\/235546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/media\/235547"}],"wp:attachment":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/media?parent=235546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/categories?post=235546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/tags?post=235546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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