The African Democratic Congress (ADC) has criticised the Federal Government’s recent approval of ₦1.15 trillion in domestic borrowing, describing it as reckless and inconsistent with President Bola Ahmed Tinubu’s earlier claims on Nigeria’s revenue performance.
In a statement issued on Thursday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused the Tinubu administration of worsening Nigeria’s debt crisis despite boasting of meeting non-oil revenue targets.
The party warned that if all of President Tinubu’s 2025 loan requests are approved, the country’s total public debt could increase by ₦40.61 trillion, pushing the national debt stock to about ₦193 trillion.
According to data from the Debt Management Office (DMO), Nigeria’s debt as of June 30, 2025, stood at ₦152.4 trillion—₦80.55 trillion in domestic debt and ₦71.85 trillion in external liabilities.
The ADC noted that the new borrowing contradicts earlier government assurances that domestic loans would be reduced due to improved revenue generation.
“Only a few months ago, the President announced that Nigeria had generated ₦20.59 trillion in non-oil revenue by August 2025. Yet this government has taken a contradictory and irresponsible turn from its stated fiscal policy,” the party said.
The opposition party also expressed concern over the economic hardship faced by Nigerians, citing soaring inflation and living costs.
“Headline inflation may be officially pegged at 18.02 percent and food inflation at 16.87 percent as of September 2025, but in the markets, prices continue to rise sharply. Nigerians are facing economic suffocation, not relief,” it added.
The ADC called on President Tinubu to prioritise transparency and accountability in fiscal management.
“We demand an immediate freeze on non-critical loans, full disclosure of 2025 revenue inflows and debt disbursements, independent verification of non-oil revenue claims, and a legally enforceable debt ceiling to safeguard public funds,” Abdullahi stated.
The party warned that continued borrowing without fiscal discipline would jeopardise Nigeria’s economic stability and the future of its citizens.
“Nigerians are watching as our collective future is being mortgaged. We cannot borrow our way out of a crisis created by economic mismanagement,” the statement concluded.