The African Democratic Congress (ADC) has issued a scathing condemnation of the Bola Tinubu administration’s borrowing practices, describing the recent approval of a fresh $21 billion in foreign loans as “fiscal vandalism” that risks pushing Nigeria’s public debt beyond N200 trillion by the end of 2025.
In a statement released on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the opposition party warned that the current borrowing trajectory will plunge the country into an unprecedented debt trap, worse than what was experienced under former President Muhammadu Buhari.
“What Nigerians are witnessing is a calculated decision to mortgage the country’s future just to cover up the failures of today,” the party declared.
Using official data, the ADC noted that while Buhari’s administration averaged N4.7 trillion in loans annually, the Tinubu government has already borrowed N49.8 trillion per year, nearly ten times higher.
Critics of the Tinubu government have claimed these figures appear smaller in dollar terms; however, the ADC dismissed such arguments, citing the impact of currency devaluation.
“With the naira in free fall, thanks to this administration’s poor policies, these loans cost the country far more when converted to naira — about N25.5 trillion per year, compared to Buhari’s N2.2 trillion,” the statement added.
The ADC further lamented that Nigeria’s ballooning debt has not translated into improved infrastructure or public services.
“Hospitals remain ill-equipped, universities underfunded, and electricity supply dismal. So what are these loans funding?”
The party also took a swipe at the National Assembly for approving loans without demanding detailed plans or accountability, accusing lawmakers of failing to defend the interests of the Nigerian people.
Citing the Association of Small Business Owners of Nigeria, the ADC said excessive borrowing has stifled access to credit for small businesses, while scaring off both local and foreign investors.
Additionally, it stated that over 60% of national income is now used to service debts, prompting the government to place more tax burdens on struggling citizens.
The party demanded full disclosure of all loan agreements signed since 2015, including their terms, repayment plans, and beneficiaries.
It concluded by calling on President Tinubu to end fiscal recklessness and prioritize responsible economic reform.
“The era of borrowing to cover policy failures must come to an end,” the ADC stated.
Efforts to reach Tinubu’s media aides—Bayo Onanuga and Daniel Bwala—for a response were unsuccessful at the time of filing this report.
