‘Fiscal recklessness’ — ADC faults Tinubu over $21bn loan

The African Democratic Congress (ADC) has accused President Bola Tinubu of plunging the country into a deeper debt crisis.

In a statement issued on Saturday, Bolaji Abdullahi, ADC’s national publicity secretary, said the approval of a fresh $21 billion in foreign loans by the national assembly would push Nigeria’s public debt beyond N200 trillion by the end of the year.

Abdullahi said Tinubu had outpaced former President Muhammadu Buhari in borrowing, despite failing to improve infrastructure or stimulate the economy.

“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing,” the statement reads.

“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.”

Abdullahi said Buhari borrowed an average of N4.7 trillion annually, but Tinubu’s government had raised that figure tenfold.

“In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe,” he said.

“At this rate, Nigeria’s total public debt will crash through ₦200 trillion before the end of the year.”

He said Tinubu’s supporters often cite lower borrowing in dollar terms, but argued that the current exchange rate had worsened the real impact on the economy.

“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,” he said.

“When converted to naira, Tinubu’s foreign borrowing amounts to ₦25.5 trillion every year, more than Buhari’s annual average of ₦2.2 trillion.”

Abdullahi said Nigeria’s total public debt has ballooned from N12.6 trillion in 2015 to over N149 trillion in 2025, while the country’s external debt stock continues to surge.

He claimed that the debt owed to the World Bank has tripled, Eurobonds have multiplied elevenfold, and foreign debt is projected to hit $67 billion if current trends continue.

“This reckless borrowing, repeated year after year, with no plan to repay it, and no effort to use it productively, will leave our children repaying debts that they did not incur or benefit from,” he said.

“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped and electricity supply is as poor as ever. So, what exactly are these loans used for?”

He accused the national assembly of failing in its oversight duty by approving loans without scrutiny or accountability.

“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,” Abdullahi said.

The party said small businesses had been severely affected by Tinubu’s economic policies, citing concerns from the Association of Small Business Owners of Nigeria.

“Small businesses can no longer access credit. Investors are losing confidence and pulling out. And because over 60 percent 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 statement added.

The ADC demanded full disclosure of all loan agreements signed over the last 10 years by both the Buhari and Tinubu administrations.

“Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans,” it said.

The party also called on the president to end “fiscal recklessness” and focus on meaningful reforms.

“The era of borrowing to cover policy failures must come to an end,” Abdullahi said.