The Labour Party (LP) loyal to Nenadi Usman Leadership has applauded Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, for boldly admitting that President Bola Tinubu’s endless loan spree has driven Nigeria into dangerous waters.

The National Publicity Secretary (Interim), Tony Akeni, in a statement on Tuesday, challenged Senate President Godswill Akpabio to rise above partisanship and join the call to halt further reckless borrowings.

The statement read, “In just the first three months of 2025, Nigeria’s debt stock skyrocketed from ₦121.7 trillion to ₦149.39 trillion. This pushed the debt-to-GDP ratio to 52%—well above the 40% ceiling set by law.

“Even worse, within nine months, ₦8.93 trillion, or 61% of total government revenue, was swallowed by debt servicing.

“These figures are not mere statistics,” the Labour Party said. “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’s borrowing has become.”

The Party noted that while Abbas had been complicit in approving previous loans, his latest intervention deserves commendation rather than condemnation, because it might help slow down the APC government’s financial recklessness.

The statement urged Senate President Akpabio to resist the temptation of turning his chamber into a rubber stamp for the Executive. “History will not absolve leaders who help mortgage the destiny of this nation. Akpabio must remember: a people crushed by hunger and poverty will one day rise against their oppressors.”

The Labour Party insisted that any new loan proposal without a clear, measurable plan for infrastructure, economic growth, and social impact must be rejected outright.

“Nigeria cannot continue piling up debts just to fund waste, luxury, and political patronage. The time to put Nigeria first is now,” the statement added.