TD Maurice Quinlivan said it is a "wasteful shame of taxpayers money" after the number of people using the tunnel is lower than expected.
A total of €34m has already been paid and an additional €150 million will need to be paid during the lifetime of the contract.
Mr Quinlivan said: "The Limerick Tunnel is a great piece of infrastructure for the Mid-West, but regrettably it is not being used enough because of the tolls.
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"The tolling of the tunnel has resulted in many opting to avoid it, as it is simply too expensive.
"Unfortunately this avoiding of the tolls has also resulted in traffic congestion in Limerick City centre.
"The agreement was signed in August 2006, while Fianna Fáil were in government, so despite this massive bill coming as a shock to the rest of us, this is not news to them, as this horrendous deal was signed under their watch.
"Fianna Fáil's TDs were front and centre at the opening of the Limerick Tunnel in 2010, but when the bill for €200 million comes in, they are nowhere to be seen.
"The agreement to build this tunnel using a Public Private Partnership was signed at the height of the boom in 2006, when the country was flush with money, and the state had the resources to finance it.
"Unfortunately a costly PPP was used, and this has tied the hands of future government's and left them with no choice but to pay the hugely expensive terms."
(CD/MH)
