The African Democratic Congress (ADC) has accused President Bola Tinubu’s administration of plunging Nigeria toward financial ruin through unprecedented levels of borrowing, far surpassing the pace set by the late former President Muhammadu Buhari.
In a statement issued on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC described the government’s fiscal policies as “dangerous and reckless,” warning that Nigeria’s total debt could soar to ₦200 trillion before the end of 2025.
“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing. 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.
According to the ADC, Buhari’s government borrowed an average of ₦4.7 trillion annually, while Tinubu’s administration has escalated that figure to ₦49.8 trillion per year.
“In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe,” the party said.
The ADC highlighted that even when converted to dollar terms, Tinubu’s borrowing outpaces Buhari’s, noting that the devaluation of the naira has worsened Nigeria’s debt burden.
“Tinubu’s foreign borrowing is about ₦25.5 trillion a year, far higher than Buhari’s ₦2.2 trillion. This shows we’re sinking deeper into debt due to poor economic decisions,” the statement added.
The party also criticised the National Assembly, accusing lawmakers of enabling the crisis by approving massive loan requests without transparency or accountability.
“This constant borrowing without a clear plan or real results means future generations will pay for debts they didn’t benefit from. Despite all the loans, roads remain in disrepair, schools are underfunded, hospitals lack basic equipment, and electricity is still unreliable. Nigerians want to know: what are these loans really for?” it queried.
The ADC called on the federal government to publish a full breakdown of all loans taken over the last decade, including interest rates, repayment plans, and their specific uses.
It further urged President Tinubu to halt “reckless borrowing” and instead pursue meaningful reforms by using public funds judiciously and addressing the structural issues crippling the economy.
“Borrowing to cover failed policies must stop before Nigeria is buried under a mountain of debt,” the statement concluded.
