{"id":361452,"date":"2025-07-28T08:55:13","date_gmt":"2025-07-28T07:55:13","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=361452"},"modified":"2025-07-28T08:55:13","modified_gmt":"2025-07-28T07:55:13","slug":"fiscal-vandalism-adc-lambasts-tinubu-over-dangerous-borrowing-as-senate-approves-21-billion-loan-request","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2025\/07\/28\/fiscal-vandalism-adc-lambasts-tinubu-over-dangerous-borrowing-as-senate-approves-21-billion-loan-request\/","title":{"rendered":"&#8216;Fiscal vandalism&#8217;: ADC lambasts Tinubu over &#8216;dangerous&#8217; borrowing as Senate approves $21 billion loan request"},"content":{"rendered":"<ul>\n<li><strong>The opposition party described Tinubu\u2019s government borrowing spree as fiscal vandalism that will mortgage and destroy future generations<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>And The <a href=\"https:\/\/www.withinnigeria.com\/news\/2025\/07\/27\/2027-adc-clears-air-on-picking-presidential-candidate-among-atiku-obi-amaechi\/\">African Democratic Congress<\/a> (ADC) has said the president Bola Tinubu administration will plunge the nation into a financial crisis with its massive questionable borrowing.<\/p>\n<p>The opposition party described Tinubu\u2019s government borrowing spree as fiscal vandalism that will mortgage and destroy future generations.<\/p>\n<p>The party raised the alarm in a statement on Sunday signed by its National Publicity Secretary, Mallam Bolaji Abdullahi.<\/p>\n<p>The party is reacting to the Senate&#8217;s approval of the $21 billion foreign loans request by Tinubu\u2019s government, noting that the current government has borrowed more in two years than Buhari did in eight.<\/p>\n<p>He warned that the country\u2019s total debt could reach \u20a6200 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&#8217;s problems.<\/p>\n<p>\u201cThe African Democratic Congress (ADC) is deeply concerned by the Tinubu administration\u2019s 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\u2019s future just to cover up the failures of today.<\/p>\n<p>\u201cUnder 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,\u201d the statement read in part.<\/p>\n<p>The statement revealed that at this pace, Nigeria\u2019s total debt could go beyond \u20a6200 trillion before the year ends.<\/p>\n<p>\u201cWe are heading straight into a financial crisis, and those leading the country don\u2019t seem to know how to stop. They keep borrowing money instead of finding smarter and more careful ways to fix the economy.\u201d<\/p>\n<p>According to the statement, some say Tinubu borrows less in dollars than Buhari, but that\u2019s misleading.<\/p>\n<p>\u201cThis is because the naira has crashed, the loans now cost Nigeria much more. Tinubu\u2019s foreign borrowing is about \u20a625.5 trillion a year far higher than Buhari\u2019s \u20a62.2 trillion. This shows we\u2019re sinking deeper into debt due to poor economic decisions,\u201d it added.<\/p>\n<p>The ADC accused the National Assembly of failing in its duty to protect Nigerians by rubber-stamping every loan request without asking tough questions.<\/p>\n<p>\u201cThis constant borrowing without a clear plan or real results means future generations will pay for debts they didn\u2019t 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,\u201d the statement added.<\/p>\n<p>\u201cWhile 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.\u201d<\/p>\n<p>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.<\/p>\n<p>The party also urged President Tinubu to stop the reckless borrowing and focus on real reforms by using funds wisely and spending responsibly.<\/p>\n<p>According to the ADC, borrowing to cover poor policies must stop<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The opposition party described Tinubu\u2019s 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\u2019s government borrowing spree as fiscal vandalism [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":359963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[88140,613,19585,28],"class_list":["post-361452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-21-billion-foreign-loans","tag-adc","tag-bolaji-abdullahi","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>&#039;Fiscal vandalism&#039;: ADC lambasts Tinubu over &#039;dangerous&#039; 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