This study investigates how debt-based asset financing, algorithmic labour control, and state endorsement intersect to produce a distinctive form of platform labour precarity among ride-hailing drivers enrolled in Lagos State‘s LAGRIDE Drive-to-Own scheme. Employing qualitative content analysis and critical discourse analysis of a Nigeria Info 99.3 FM broadcast and over forty public Facebook comments, the study examines how escalating remittance targets, opaque financial deductions, and constrained exit options reshape drivers‘ labour conditions.