The African Democratic Congress (ADC) has come out swinging against President Bola Tinubu, accusing his administration of reckless borrowing that could throw Nigeria into an economic abyss.
In a strongly worded statement released on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party warned that Nigeria’s debt profile could hit ₦200 trillion by the end of 2025—if Tinubu’s borrowing spree continues unchecked.
“This government’s obsession with loans is dangerous. Nigerians are watching in disbelief as the Tinubu administration racks up foreign debts like it’s free money,” the statement reads. “This isn’t just borrowing—it’s mortgaging our future to cover up the failures of today.”
According to the ADC, President Tinubu’s government has borrowed more in two years than former President Muhammadu Buhari did in eight. While Buhari drew criticism for his borrowing habits, the party says Tinubu has taken things to a whole new level, with average annual loans jumping from ₦4.7 trillion under Buhari to ₦49.8 trillion under Tinubu.
Even more alarming, the ADC pointed out, is the disconnect between the loans and visible progress.
“The roads are still bad. Schools are underfunded. Hospitals are struggling. Electricity remains epileptic. So, what exactly are these loans for?” the statement asked.
The ADC also slammed the National Assembly, accusing lawmakers of rubber-stamping every loan request without proper oversight or concern for Nigerians’ welfare.
“Instead of defending the people, they keep waving every request through like it’s routine,” the party added.
The ADC further challenged claims that Tinubu borrows less in dollar terms, calling such arguments “misleading.” With the naira’s sharp decline, foreign loans now cost Nigeria much more than they did under Buhari.
“Tinubu’s government is borrowing roughly ₦25.5 trillion per year in foreign currency, compared to Buhari’s ₦2.2 trillion. The numbers don’t lie—we’re sinking deeper,” it warned.
Calling for an immediate rethink, the ADC stressed that Nigeria can’t borrow its way out of economic failure, and urged leaders to embrace smarter, homegrown solutions instead of placing more burdens on future generations.
“Other nations are working hard to cut down their debt, but we keep digging. This isn’t governance—it’s recklessness in slow motion,” the party concluded.
