The African Democratic Congress (ADC) has condemned what it described as the “fiscal vandalism” of President Bola Tinubu’s administration, following the National Assembly’s approval of an additional $21bn in foreign loans.
The party said the new borrowing spree could drive Nigeria’s public debt beyond N200trn by the end of 2025, without any visible economic gains to show for it.
In a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused Tinubu of accelerating Nigeria’s descent into a debt trap far worse than what the country experienced under his predecessor.
“What Nigerians are witnessing, following the approval of a fresh $21bn in foreign loans, is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today,” the party stated.
Citing official data, the ADC argued that under former President Muhammadu Buhari, the country borrowed an average of N4.7trn annually.
However, borrowing under the Tinubu administration has skyrocketed to N49.8trn per year.
“In just two years, this administration has borrowed more than 10 times what Buhari borrowed in the same timeframe,” the statement said.
“At this rate, Nigeria’s total public debt will crash through N200trn before the end of the year.
We are speeding toward a financial cliff, and those in charge seem to have no brakes,” it added.
While defenders of the Tinubu government have claimed the current borrowing figures appear smaller in dollar terms, $1.7bn annually compared to Buhari’s $4.15 billion, the ADC dismissed such arguments, pointing instead to the devastating impact of currency devaluation.
“With the naira now in free fall, again thanks to this administration’s poor policy choices, these same loans are costing the country far more,” the statement read.
“When converted to naira, Tinubu’s foreign borrowing amounts to N25.5trn every year, more than Buhari’s annual average of N2.2trn,” the ADC stated.
The opposition party claimed that since the APC assumed power in 2015, Nigeria’s public debt has ballooned from N12.6trn to over N149trn in 2025, with over $35bn borrowed from external lenders alone in the last decade.
“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown 11 times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67bn,” the statement noted.
The ADC expressed concern that this growing mountain of debt had not translated into improved infrastructure or services.
“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped, and the electricity supply is as poor as ever. So, what exactly are these loans used for?
“This is the question that Nigerians expect the National Assembly to ask. Instead, it has continued to approve these loans without asking the hard questions, without demanding a plan, and without standing up for the Nigerian people,” it stated.
The party cited data from the Association of Small Business Owners of Nigeria to further highlight the impact of excessive borrowing, saying small businesses now struggle to access credit, while investors are losing confidence and leaving the market.
“And because over 60 per cent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits,” the party said.
The ADC also faulted the government for borrowing more even after the recent naira devaluation, arguing that such a move should ordinarily reduce the need for external loans.
Consequently, the party demanded full transparency regarding all loans taken since 2015.
“The ADC hereby demands a full disclosure of all loan agreements signed over the past ten years by the APC and the Tinubu government. Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans,” it stated.
It further urged President Tinubu to end what it called “fiscal recklessness” and focus instead on meaningful economic reforms.
“We also call on President Tinubu to put an end to this fiscal recklessness, and focus instead on meaningful reform, by investing wisely and spending responsibly. The era of borrowing to cover policy failures must come to an end,” the statement concluded.
Efforts to get the reactions of Tinubu’s Special Adviser on Information, Bayo Onanuga and the Special Adviser to the President on Policy Communication, Daniel Bwala, were unsuccessful.
As of the time of filing this report, they could still not be reached.
The Punch
