ADC has slammed Tinubu over $21bn loan and warned that Nigeria is heading for N200trn debt crisis.
NaijaOnPoint Nigeria reports that the African Democratic Congress (ADC) has sharply criticised the administration of President Bola Tinubu over what it described as “fiscal vandalism” following the National Assembly’s approval of an additional $21 billion in foreign loans.
In a strongly worded statement issued on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the opposition party warned that Nigeria’s public debt could surpass N200 trillion by the end of 2025, with no visible improvements in the country’s economy or infrastructure to justify the borrowing.
According to the ADC, the Tinubu administration is plunging the country into a deeper debt crisis than what was experienced under former President Muhammadu Buhari. Citing official figures, the party noted that while Buhari borrowed an average of N4.7 trillion annually, the Tinubu government has already ramped up borrowing to a staggering N49.8 trillion per year.
“In just two years, this administration has borrowed more than ten times what Buhari borrowed within the same period. At this rate, we are racing toward a financial cliff without any brakes,” the ADC stated.
While some have argued that Tinubu’s foreign loans are smaller in dollar terms — about $1.7 billion annually compared to Buhari’s $4.15 billion — the ADC dismissed such comparisons, highlighting the devastating effect of naira devaluation. When converted, the party claims Tinubu’s annual borrowing now translates to N25.5 trillion, far exceeding Buhari’s N2.2 trillion yearly average.
The ADC lamented that despite the debt explosion, there has been no significant improvement in key sectors. “The roads are still broken, schools remain underfunded, hospitals are in decay, and electricity supply is worse than ever. So where is the money going?” the party queried.
The opposition accused the National Assembly of rubber-stamping loans without demanding accountability or implementation plans. It argued that excessive government borrowing has made it harder for small businesses to access credit and driven investors away from the Nigerian market. “Over 60 percent of our national income now goes into debt servicing, and the burden is being passed on to struggling families through relentless taxation,” the ADC said.
The party also questioned the logic of increased borrowing following the devaluation of the naira, saying the move should have reduced the need for external loans.
Calling for transparency, the ADC demanded a full public disclosure of all loan agreements signed since 2015, including interest rates, repayment terms, and the beneficiaries. The statement concluded with a call on President Tinubu to end the “era of reckless borrowing” and prioritise responsible governance and meaningful economic reform.
Efforts to reach the presidency for comments were unsuccessful at the time of filing this report, as Special Advisers Bayo Onanuga and Daniel Bwala were not immediately available for a response.