The African Democratic Congress (ADC) has sharply criticized the administration of President Bola Tinubu over its growing appetite for borrowing, warning that Nigeria’s public debt may exceed ₦200 trillion before the end of the year.
The strong-worded statement, issued by the ADC’s National Publicity Secretary, Mallam Bolaji Abdullahi, condemned the recent approval of a $21 billion foreign loan request by the National Assembly, describing it as “fiscal vandalism” and accusing the Tinubu administration of plunging the country deeper into a debt trap without any visible economic benefit.
“What Nigerians are witnessing… is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today,” the party said.
Borrowing Under Tinubu ‘10 Times Worse Than Buhari’
The ADC drew sharp comparisons between the borrowing patterns under former President Muhammadu Buhari and President Tinubu, stating that while Buhari borrowed an average of ₦4.7 trillion annually, Tinubu’s administration has averaged a staggering ₦49.8 trillion per year in just two years—more than ten times Buhari’s pace.
The party also dismissed attempts to downplay the debt levels by citing dollar values, noting that the weakened naira has significantly amplified the cost of foreign borrowing in local terms. “Tinubu’s foreign borrowing amounts to ₦25.5 trillion every year, compared to Buhari’s ₦2.2 trillion annually,” the ADC noted.
No Tangible Returns, Only Rising Pain
According to the statement, despite this historic accumulation of debt—rising from ₦12.6 trillion in 2015 to over ₦149 trillion in 2025—there is little to show for it.
“Infrastructure remains poor, universities underfunded, hospitals ill-equipped, and power supply unreliable,” the ADC said. “So, what exactly are these loans used for? This is the question Nigerians expect the National Assembly to ask—but it has failed to do so.”
The ADC further accused the legislature of acting as a “rubber stamp,” alleging that lawmakers continue to approve massive loans without due scrutiny or public accountability.
Call for Full Loan Audit and Reform
The ADC has now called for a comprehensive audit and full disclosure of all loan agreements signed in the past decade, including their terms, interest rates, repayment schedules, and recipients.
“While other countries are reducing debt, the APC is borrowing more. Even the naira’s devaluation, which should have curbed borrowing, is being treated as a green light for more loans,” Abdullahi said.
The party also highlighted the toll on the private sector, citing data from the Association of Small Business Owners of Nigeria. According to the ADC, over 60% of national income is now spent servicing debt, crowding out small businesses, discouraging investment, and forcing the government to impose crushing taxes on ordinary citizens.
A Warning and a Demand
In conclusion, the ADC demanded an end to what it called “reckless borrowing to cover policy failures,” and urged President Tinubu to prioritize prudent spending, transparency, and meaningful reform over mounting loans.
“Nigerians are not just watching; they are paying the price,” the party warned.
