The African Democratic Congress (ADC) has issued a scathing critique of President Bola Tinubu’s economic policies, accusing his administration of pushing Nigeria into an unprecedented debt crisis through what it described as “fiscal vandalism.”
The party’s condemnation followed the recent approval by the National Assembly of an additional $21 billion in foreign loans.
In a statement on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC warned that the country’s total debt could exceed N200 trillion by the end of 2025, with little to show for it.
“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.
Citing official data, the ADC claimed that while the Muhammadu Buhari administration borrowed an annual average of N4.7 trillion, borrowing under Tinubu has surged to N49.8 trillion per year.
“In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe. At this rate, Nigeria’s total public debt will crash through N200 trillion before the end of the year. We are speeding toward a financial cliff, and those in charge seem to have no brakes,” the party declared.
While some government defenders argue that the figures remain lower in dollar terms—$1.7 billion annually compared to Buhari’s $4.15 billion—the ADC dismissed such comparisons, pointing to the steep cost of currency devaluation under Tinubu.
“With the naira now in free fall, again thanks to this administration’s poor policy choices, these same loans are costing the country far more. 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.”
The party also painted a bleak picture of Nigeria’s rising external debt, which it said has ballooned from N12.6 trillion in 2015 to over N149 trillion in 2025, with over $35 billion borrowed from international lenders in the last decade.
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“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown eleven times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67 billion,” the statement said.
Despite the staggering borrowing, the ADC argued, basic infrastructure and services have seen little improvement.
“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped, and the electricity supply is as poor as ever. So, what exactly are these loans used for?”
The party criticized the National Assembly for acting as a rubber stamp, failing to question the purpose or impact of the loans it consistently approves.
“This is the question that Nigerians expect the National Assembly to ask. Instead, it has continued to approve these loans without asking the hard questions, without demanding a plan, and without standing up for the Nigerian people.”
The ADC further referenced data from the Association of Small Business Owners of Nigeria, noting that the borrowing spree has stifled small businesses, reduced investor confidence, and forced the government to increase taxation on ordinary Nigerians.
“And because over 60 per cent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits.”
The party questioned the logic of increased borrowing even after a major devaluation of the naira—an economic move that should, in theory, reduce the need for foreign loans.
Consequently, the ADC demanded full transparency on all loan transactions undertaken since 2015.
“The ADC hereby demands a full disclosure of all loan agreements signed over the past ten years by the APC and the Tinubu government. Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.”
The statement ended with a strong appeal to President Tinubu to halt what it called reckless economic mismanagement and instead implement sound financial reforms.
“We also call on President Tinubu to put an end to this fiscal recklessness and focus instead on meaningful reform by investing wisely and spending responsibly. The era of borrowing to cover policy failures must come to an end.”
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