- The opposition party described Tinubu’s government borrowing spree as fiscal vandalism that will mortgage and destroy future generations
And The African Democratic Congress (ADC) has said the president Bola Tinubu administration will plunge the nation into a financial crisis with its massive questionable borrowing.
The opposition party described Tinubu’s government borrowing spree as fiscal vandalism that will mortgage and destroy future generations.
The party raised the alarm in a statement on Sunday signed by its National Publicity Secretary, Mallam Bolaji Abdullahi.
The party is reacting to the Senate’s approval of the $21 billion foreign loans request by Tinubu’s government, noting that the current government has borrowed more in two years than Buhari did in eight.
He warned that the country’s total debt could reach ₦200 trillion before the end of 2025, adding that the people managing the affairs of the country have continued on the path of destruction instead of finding smart ways to tackle the nation’s problems.
“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.
“Under President Buhari, Nigeria borrowed an average of N4.7 trillion per year, and even that caused widespread concern. But under President Tinubu, borrowing has jumped 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,” the statement read in part.
The statement revealed that at this pace, Nigeria’s total debt could go beyond ₦200 trillion before the year ends.
“We are heading straight into a financial crisis, and those leading the country don’t seem to know how to stop. They keep borrowing money instead of finding smarter and more careful ways to fix the economy.”
According to the statement, some say Tinubu borrows less in dollars than Buhari, but that’s misleading.
“This is because the naira has crashed, the loans now cost Nigeria much more. 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,” it added.
The ADC accused the National Assembly of failing in its duty to protect Nigerians by rubber-stamping every loan request without asking tough questions.
“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 are bad, schools lack funding, hospitals are poorly equipped, and electricity is still unreliable. Nigerians want to know: What are these loans really for? Yet, the National Assembly keeps approving them without asking tough questions or defending the people,” the statement added.
“While other countries are working to reduce their debts, the APC keeps borrowing more. Even after the naira was devalued, which should have slowed borrowing, the government used it as a reason to take more loans.”
The ADC is calling for full details of all loans taken in the last 10 years, including how much was borrowed, interest rates, repayment plans, and where the money went.
The party also urged President Tinubu to stop the reckless borrowing and focus on real reforms by using funds wisely and spending responsibly.
According to the ADC, borrowing to cover poor policies must stop
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