The African Democratic Congress (ADC) has vehemently denounced what it terms the “fiscal vandalism” of the President Bola Tinubu administration, following the National Assembly’s recent approval of an additional $21 billion in foreign loans.
In a press statement, Bolaji Abdullahi, the party’s National Publicity Secretary, warned that this latest wave of borrowing is poised to push Nigeria’s public debt beyond ₦200 trillion before the year’s end, with no discernible corresponding development or economic revitalisation to justify such a massive increase.
Abdullahi accused Tinubu of far outstripping his predecessor in burdening the nation with colossal debt.
He argued that the government is “mortgaging the country’s future in mountains of debts in the name of economic reform.”
He also criticised the National Assembly, labelling it a “rubber stamp” that has abdicated its responsibility to shield Nigerians from the repercussions of unsustainable debt.
Abdullahi expressed profound concern over what he perceives as the Tinubu administration’s “dangerous obsession with borrowing.”
He contended that the fresh $21 billion in foreign loans represents a calculated move to secure the nation’s future simply to mask present failures.
Highlighting a drastic escalation in borrowing, Abdullahi pointed out that while the Buhari administration borrowed an average of ₦4.7 trillion per year, the Tinubu government’s annual borrowing has reportedly surged to ₦49.8 trillion.
This, he claimed, means that in just two years, the current administration has accumulated over ten times the debt acquired by its predecessor over a similar timeframe.
Abdullahi warned that Nigeria is rapidly approaching a “financial cliff,” accusing those in authority of believing they can borrow their way out of economic problems that demand more judicious actions and greater fiscal discipline.
Addressing arguments that Tinubu’s borrowing appears smaller in dollar terms ($1.7 billion annually compared to Buhari’s $4.15 billion), he countered by emphasising the impact of the depreciating Naira.
Abdullahi argued that due to the current administration’s “poor policy choices” leading to the Naira’s free fall, these loans are costing the country significantly more in local currency.
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When converted to Naira, Tinubu’s foreign borrowing amounts to ₦25.5 trillion annually, which Abdullahi stated is more than Buhari’s yearly average of ₦2.2 trillion, thereby deepening a debt trap exacerbated by economic mismanagement and currency collapse.
He traced the growth of Nigeria’s total public debt since the APC assumed power in 2015, from ₦12.6 trillion to over ₦149 trillion in 2025.
He noted that over $35 billion has been borrowed from external lenders in the last decade of APC rule, representing nearly a twelvefold increase in ten years.
Abdullahi highlighted a tripling of debt to the World Bank and an elevenfold increase in Eurobond obligations, expressing alarm that the government now seeks to borrow even more, pushing the foreign debt ceiling to $67 billion.
Abdullahi asserted that this “reckless borrowing,” compounded by a lack of clear repayment plans and productive utilisation, would burden future generations with debts they neither incurred nor benefited from.
He questioned the purpose of these loans, given the persistently poor state of infrastructure, underfunded universities, ill-equipped hospitals, and unreliable electricity supply.
Abdullahi called on the National Assembly to demand answers and detailed plans, accusing lawmakers of approving loans without adequate scrutiny or defending the interests of the Nigerian populace.
He referenced the Association of Small Business Owners of Nigeria, which reportedly states that the burden of Tinubu’s borrowing is already undermining the very foundation of the nation’s economy.
One Response
The issue on loan keeps growing day after day, with little or nothing to show forth as the reason for borrowing.