The African Democratic Congress (ADC) has issued a scathing condemnation of what it describes as “fiscal vandalism” under President Bola Ahmed Tinubu, following the National Assembly’s approval of an additional $21 billion in foreign loans.
The party warns that, at the current pace, Nigeria’s public debt will exceed ₦200 trillion by the end of 2025 with little to show in terms of economic revival or infrastructure development.
In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused President Tinubu of accelerating Nigeria’s economic collapse by vastly outpacing the borrowing record of his predecessor, Muhammadu Buhari. The party pointedly criticized the National Assembly for functioning as a “rubber stamp” legislature, failing to ask tough questions or demand accountability for the mounting loans.
“We are speeding toward a financial cliff,” the statement read, “and those in charge seem to have no brakes.”
Explosive Borrowing Under Tinubu
According to the ADC, Nigeria’s debt situation under the Tinubu administration has reached catastrophic levels:
- Annual borrowing has surged from ₦4.7 trillion under Buhari to ₦49.8 trillion under Tinubu, a more than tenfold increase.
- Though defenders of the government claim Tinubu’s borrowing in dollar terms is lower—$1.7 billion annually versus Buhari’s $4.15 billion—this is misleading, the ADC argues, due to the collapsing value of the naira.
- At today’s exchange rates, the party says, Tinubu’s borrowing amounts to ₦25.5 trillion annually, compared to Buhari’s ₦2.2 trillion.
The ADC insists that the real cost of borrowing must be calculated in naira terms, where the impact is most devastating for the average Nigerian.
From ₦12.6 Trillion to Over ₦149 Trillion
The statement details the alarming growth of Nigeria’s total debt:
- In 2015, when the All Progressives Congress (APC) took power, Nigeria’s public debt was ₦12.6 trillion.
- By 2025, that figure has ballooned to over ₦149 trillion, with projections pushing it past ₦200 trillion by year’s end.
- External loans have exploded by over $35 billion in just a decade, and the country’s Eurobond debt has increased elevenfold.
- Debt owed to the World Bank has tripled, all while the country’s infrastructure remains in disrepair.
No Development, No Justification
The ADC questioned the rationale behind these loans, citing the continued decay of essential services:
- Universities remain underfunded
- Hospitals lack basic equipment
- Electricity supply remains unreliable
- Small businesses are suffocating under inflation and high lending costs
“So, what exactly are these loans being used for?” the party asked, noting that ordinary citizens see no benefit while debt servicing now consumes over 60% of Nigeria’s national income.
Naira Collapse, Investor Flight, Economic Paralysis
The ADC further warned that the Tinubu administration’s fiscal policy, marked by uncontrolled borrowing and poor currency management, has spooked both local and foreign investors:
- The devaluation of the naira, rather than reducing external borrowing, has become an excuse to borrow even more.
- Small businesses are unable to access credit.
- Foreign investors are pulling out due to rising instability and lack of confidence in Nigeria’s fiscal future.
ADC’s Demands: Transparency and Reform
To halt the looming financial catastrophe, the ADC issued a series of demands:
1. A full public audit of all loans secured by the APC government over the last ten years, including:
- Interest rates
- Repayment timelines
- Loan conditions
- Final beneficiaries
2. Immediate halt to unsustainable borrowing
3. Redirection of government focus to meaningful, long-term economic reforms
4. Fiscal discipline and smarter investment strategies, rather than debt-driven crisis management
Conclusion: A Warning and a Call to Action
The ADC’s statement closed with a stark warning that Nigeria is being pushed deeper into a debt trap that will burden future generations. “Our children are being forced to repay debts they neither incurred nor benefited from,” the party said.
Calling on the Tinubu administration and the National Assembly to act with urgency, the ADC said the era of borrowing to cover policy failures must end. Instead, Nigeria must embrace fiscal discipline, transparency, and investment in real development.
“History will not be kind to those who chose to remain silent while our future was auctioned off in foreign debt,” the statement concluded.
