The African Democratic Congress (ADC) has condemned the Federal Government’s recent foreign borrowing drive, describing it as “fiscal vandalism” and a reckless move that could plunge Nigeria’s public debt beyond ₦200 trillion by year-end.
In a strongly worded statement issued on Sunday, ADC spokesman Bolaji Abdullahi criticised the approval of an additional $21 billion loan by the National Assembly, warning that the country is on a dangerous financial trajectory with no visible gains to show for the mounting debt.
The party accused President Bola Tinubu of outpacing his predecessor in piling up unsustainable debt under the guise of economic reforms, warning that the administration is “mortgaging Nigeria’s future” to cover up current failures.
“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,” the statement read.
According to the ADC, while the Buhari administration borrowed an average of ₦4.7 trillion annually, the Tinubu government has so far borrowed ₦49.8 trillion per year—over ten times more in the same timeframe.
“At this rate, Nigeria’s public debt will breach ₦200 trillion before the year runs out,” it warned.
The party further berated the National Assembly for acting as a “rubber stamp” to executive borrowing proposals, accusing lawmakers of failing to safeguard Nigerians from the burden of unchecked debt accumulation.
“They’ve abandoned their constitutional duty to question reckless fiscal behaviour,” the party said.
Dismissing arguments that Tinubu’s borrowing appears smaller in dollar terms, the ADC pointed to the sharp decline of the naira and
Leave a comment