The African Democratic Congress (ADC) has strongly criticised President Bola Tinubu’s 2026 budget proposal, describing it as a dangerous debt trap that could mortgage Nigeria’s future and worsen the country’s fiscal crisis.
In a preliminary review of the budget presented to the National Assembly, the opposition party said the proposal exposes deepening fiscal recklessness, administrative confusion and what it termed a troubling disregard for future generations.
In a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC faulted the government’s portrayal of the proposal as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” arguing that it merely extends what it described as failed fiscal practices under the Tinubu administration.
“What was presented is only a consolidation of fiscal recklessness and renewed wishful thinking that have become the hallmark of this administration. If approved, the only thing this budget will share is more debt and greater misery in the years ahead,” the party said.
The ADC argued that the 2026 proposal mirrors what it called the failed, unimplemented or unimplementable 2024 and 2025 budgets, warning that it is likely to suffer the same fate.
“We are witnessing a government pursuing policies without a stable foundation,” the party said, adding that the practice of running multiple national budgets simultaneously reflects a chaotic approach to fiscal management.
Rather than addressing structural challenges, the ADC accused the administration of postponing hard decisions while relying on unsustainable borrowing to mask economic weaknesses.
On revenue projections, the party described the figures in the budget as unrealistic, noting that government revenue rose to about ₦20 trillion in 2024 largely due to currency devaluation, before being increased to ₦40 trillion in 2025 and further projected at ₦58.57 trillion in the 2026 proposal.
“This is not vision; it is fantasy,” the ADC said.
The party also questioned the $64-per-barrel oil benchmark used in the budget, warning that softening global oil prices and weak production outlook make the assumptions risky and detached from reality. It added that the ₦34 trillion revenue target ignores alternative scenarios and depends on conditions that no longer exist.
More concerning, according to the ADC, is the scale of the proposed deficit, with the government planning to borrow about ₦24 trillion against projected revenues of ₦34 trillion.
“A budget that plans to generate ₦34 trillion in revenue while borrowing ₦24 trillion is an admission of fiscal insolvency. In no sane or functional fiscal system would a deficit-to-revenue ratio of 70 per cent be considered acceptable,” the party stated.
The ADC further warned that rising debt servicing costs pose a serious threat to fiscal sustainability, noting that debt service obligations have increased from ₦12.63 trillion in 2024 to a projected ₦15.52 trillion in 2026.
“There is no fiscal doctrine on earth that justifies a path of high deficits paired with such astronomical servicing costs,” the statement said, warning that continued borrowing could leave future generations burdened by overwhelming debt obligations.
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