Our Reporter, Abuja
The African Democratic Congress (ADC) has accused President Bola Ahmed Tinubu of plunging Nigeria into what it described as “fiscal vandalism” following the National Assembly’s approval of an additional $21 billion in foreign loans. The party warned that Nigeria’s total public debt could surpass ₦200 trillion before the end of the year under the current borrowing trend.
In a statement on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said the Tinubu-led administration had exceeded the borrowing patterns of his predecessor, Muhammadu Buhari, and was rapidly mortgaging Nigeria’s future without delivering commensurate development.
“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 noted that while Buhari borrowed an average of ₦4.7 trillion per year, Tinubu has escalated borrowing to ₦49.8 trillion annually—over ten times more. It added that the administration’s foreign debt accumulation, when adjusted to current exchange rates, is significantly higher in naira terms, with loans averaging ₦25.5 trillion yearly, compared to Buhari’s ₦2.2 trillion.
“This reckless borrowing, repeated year after year, with no plan to repay it, and no effort to use it productively, will leave our children repaying debts that they did not incur or benefit from,” Abdullahi said.
The party further criticized the National Assembly for acting as a “rubber stamp,” approving massive loans without public scrutiny, financial accountability, or clear repayment plans. It expressed concern that while public infrastructure remains dilapidated, and universities and hospitals underfunded, debt service now consumes over 60 percent of national income.
The ADC provided figures showing Nigeria’s total public debt rising from ₦12.6 trillion in 2015 to over ₦149 trillion in 2025, with external borrowing from institutions such as the World Bank and Eurobond markets ballooning.
“Now this government wants to borrow even more, pushing our foreign debt ceiling to $67 billion,” the party warned.
Quoting the Association of Small Business Owners of Nigeria, the statement said Tinubu’s borrowing spree has worsened credit access for small businesses, scared away investors, and placed an unbearable tax burden on ordinary citizens.
The ADC also rejected claims that Tinubu’s borrowings are lower in dollar terms than Buhari’s, arguing that the steep naira depreciation makes current loans more expensive. It criticized the administration for using the recent naira devaluation as a pretext for more borrowing rather than reducing dependence on foreign loans.
The party demanded a full audit and public disclosure of all loans secured over the past decade, including interest rates, repayment terms, and beneficiaries. It also urged President Tinubu to halt what it called “fiscal recklessness” and focus instead on meaningful economic reforms, transparency, and responsible governance.
“This era of borrowing to cover policy failures must come to an end,” the statement concluded.
