The African Democratic Congress (ADC) has launched a scathing attack on President Bola Tinubu's administration, accusing it of engaging in "fiscal vandalism" that far exceeds the borrowing patterns of his predecessor, Muhammadu Buhari.
In a statement released on Sunday and signed by ADC National Publicity Secretary, Mallam Bolaji Abdullahi, the opposition party warned that Nigeria is being pushed to the edge of a financial disaster with the country's total debt potentially hitting ₦200 trillion before the end of 2025.
"The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration's dangerous obsession with borrowing. 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," the statement read.
The ADC presented a stark comparison between the two administrations, stating: "Under President Buhari, Nigeria borrowed an average of N4.7 trillion per year, and even that caused widespread concern. But under President Tinubu, borrowing has jumped to N49.8 trillion per year. In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe."
The opposition party dismissed arguments that Tinubu borrows less in dollar terms than Buhari, calling such claims misleading. "This is because the naira has crashed, the loans now cost Nigeria much more. Tinubu's foreign borrowing is about ₦25.5 trillion a year, far higher than Buhari's ₦2.2 trillion. This shows we're sinking deeper into debt due to poor economic decisions," the statement emphasized.
The ADC didn't spare the National Assembly in its criticism, accusing the legislative body of failing in its constitutional duty to protect Nigerians by rubber-stamping every loan request without proper scrutiny.
"This constant borrowing without a clear plan or real results means future generations will pay for debts they didn't benefit from. Despite all the loans, roads are bad, schools lack funding, hospitals are poorly equipped, and electricity is still unreliable. Nigerians want to know: what are these loans really for? Yet, the National Assembly keeps approving them without asking tough questions or defending the people," the party stated.
The ADC has called for full transparency regarding all loans taken in the last decade, demanding details on amounts borrowed, interest rates, repayment plans, and allocation of funds. The party urged President Tinubu to halt what it termed "reckless borrowing" and instead focus on implementing genuine economic reforms through responsible fiscal management.
This criticism comes amid growing concerns about Nigeria's mounting debt profile and its implications for the country's economic stability and future generations.
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