The African Democratic Congress (ADC) has sharply criticised President Bola Ahmed Tinubu’s administration for its relentless borrowing spree, accusing it of engaging in “fiscal vandalism” that threatens Nigeria’s economic stability. The condemnation follows the National Assembly’s recent approval of an additional $21 billion in foreign loans, a move that ADC says will push the country’s public debt beyond ₦200 trillion by the end of the year.
In a statement released by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC pointed out that under President Tinubu, the country’s borrowing levels have reached unprecedented heights. According to the opposition party, in just two years, the Tinubu administration has borrowed more than ten times the amount borrowed by the previous government under former President Muhammadu Buhari.
“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing,” Abdullahi said. “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 highlighted the stark contrast between Tinubu’s borrowing policies and those of his predecessor, with the ADC noting that under Buhari, Nigeria borrowed an average of N4.7 trillion annually. However, under Tinubu, borrowing has surged to N49.8 trillion per year, with foreign loans costing Nigeria significantly more due to the naira’s steep depreciation.
Supporters of the government have argued that in dollar terms, Tinubu’s borrowing is smaller at $1.7 billion per year compared to Buhari’s $4.15 billion, but this argument falters when the exchange rate is taken into account. “When converted to naira, Tinubu’s foreign borrowing amounts to N25.5 trillion every year, more than Buhari’s annual average of N2.2 trillion,” Abdullahi emphasised.
The ADC’s statement also criticised the National Assembly, which it accused of acting as a “rubber stamp” for government borrowing decisions, failing to protect the Nigerian public from the long-term impacts of unsustainable debt. “The National Assembly has abdicated its responsibility to safeguard the future of Nigerians,” Abdullahi declared.
Further, the party raised concerns about the lack of visible progress in critical sectors despite the continuous influx of foreign loans. ADC pointed to Nigeria’s crumbling infrastructure, underfunded universities, inadequate healthcare, and unreliable electricity supply, which have not shown substantial improvement despite the massive borrowing.
In addition, the Association of Small Business Owners of Nigeria (ASBON) weighed in, warning that Tinubu’s borrowing policies are severely hampering the nation’s economy. “Small businesses can no longer access credit. Investors are losing confidence and pulling out,” the association noted. “Over 60 percent of our national income is now used to service debt, leaving little room for growth or development.”
The ADC also demanded full disclosure of all loan agreements signed by the government over the past decade. “Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of these loans,” Abdullahi said.
As Nigeria heads towards a fiscal crisis, the ADC called for urgent reforms and fiscal discipline to prevent the country from spiraling further into debt. “The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped, and electricity supply is as poor as ever,” the statement concluded.
