The African Democratic Congress (ADC) has issued a scathing critique of President Bola Ahmed Tinubu’s economic policies, accusing the administration of plunging Nigeria into a looming financial disaster through excessive borrowing and fiscal recklessness.
In a statement released on Sunday and signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC warned that the country’s debt profile could skyrocket to over ₦200 trillion before the end of 2025, if the current borrowing trend continues unchecked.
“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing,” the statement said. “What Nigerians are witnessing, following the approval of a fresh $21 billion in foreign loans, is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today.”
Citing figures under the current government, the party said the pace of borrowing has escalated sharply. It noted that under former President Muhammadu Buhari, Nigeria borrowed an average of ₦4.7 trillion per year—a rate that was widely criticized. However, under Tinubu, annual borrowing has soared to an average of ₦49.8 trillion, with the administration accumulating more debt in two years than Buhari did in eight.
According to the ADC, the impact of this surge in borrowing is further exacerbated by the sharp depreciation of the naira. It pointed out that although some argue Tinubu has borrowed less in dollar terms, the real cost in naira terms is significantly higher.
“With the naira in freefall, Tinubu’s foreign loans now amount to approximately ₦25.5 trillion annually—far exceeding Buhari’s average of ₦2.2 trillion,” the party said. “We are sinking deeper into debt as a result of poor economic decisions, not necessity.”
The ADC also criticized the National Assembly, accusing it of abdicating its oversight responsibilities by approving loan requests without sufficient scrutiny or accountability.
“This rubber-stamp approach by the legislature has made it easy for the executive to continue piling up debts without clear plans or measurable results,” the statement continued. “Despite the ballooning loans, critical sectors such as roads, education, healthcare, and electricity remain in disrepair. Nigerians are asking: where is all this money going?”
The party further argued that while other nations are taking steps to reduce their debt burdens, Nigeria’s ruling All Progressives Congress (APC) appears committed to a path of financial self-destruction. It described the administration’s approach as one that prioritizes borrowing to mask policy failures rather than implementing reforms to stimulate real economic growth.
As part of its recommendations, the ADC called for a comprehensive audit of all loans obtained over the last decade. It demanded full disclosure of loan amounts, interest rates, repayment plans, and expenditure breakdowns.
“The government must stop borrowing recklessly and start managing resources with discipline and transparency. Borrowing to cover bad policies must come to an end,” the statement concluded.
The ADC’s warning comes amid growing public concern over Nigeria’s rising debt and the sustainability of its fiscal policies under the current administration.
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