ADC has condemned Tinubu Administration’s $21 billion foreign loan as “fiscal vandalism”.
NewsOnline Nigeria reports that the African Democratic Congress (ADC) has slammed President Bola Tinubu’s government for what it calls “fiscal vandalism” following the National Assembly’s approval of an additional $21 billion in foreign loans.
In a statement released Sunday by ADC’s National Publicity Secretary, Mallam Bolaji Abdullahi, the party warned that this borrowing spree will push Nigeria’s public debt beyond N200 trillion before year-end, with no tangible economic growth or development to justify it.
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ADC accused Tinubu of surpassing former President Buhari’s borrowing levels, mortgaging Nigeria’s future under the guise of economic reform.
The party also criticized the National Assembly for acting as a mere rubber stamp, failing in its constitutional duty to safeguard Nigerians against unsustainable debt accumulation.
“What Nigerians are witnessing is a calculated decision to mortgage the country’s future just to cover up today’s policy failures,” Abdullahi said. He highlighted that while Buhari borrowed an average of N4.7 trillion annually, Tinubu’s administration has escalated borrowing to nearly N49.8 trillion per year—more than 10 times higher over just two years.
The ADC spokesman explained that despite claims that Tinubu’s dollar borrowing is smaller, the plunging naira exchange rate means these loans actually cost Nigeria far more in local currency—N25.5 trillion yearly compared to Buhari’s N2.2 trillion average.
“This is the deepening of a debt trap caused by poor economic management and a collapsed currency,” Abdullahi added. He pointed out that since APC’s rise to power in 2015, Nigeria’s total public debt ballooned from N12.6 trillion to over N149 trillion, with foreign borrowing alone exceeding $35 billion.
Despite mounting debts, infrastructure remains poor, universities underfunded, hospitals ill-equipped, and power supply inadequate. ADC questioned the real use of these loans and condemned the National Assembly for approving them without demanding accountability or repayment plans.
Citing the Association of Small Business Owners of Nigeria, ADC warned that the debt crisis is already choking the economy—small businesses struggle to access credit, investor confidence is eroding, and over 60% of national revenue is now spent servicing debt, forcing the government to increase taxes on ordinary Nigerians.
The party criticized the government’s response to the naira’s devaluation, noting it should have reduced external borrowing but instead became an excuse to borrow more.
ADC demanded full transparency on all loan agreements signed by APC and the Tinubu administration over the past decade, calling for disclosure of terms, interest rates, repayment schedules, and beneficiaries.
“We call on President Tinubu to end this fiscal recklessness and focus on meaningful reforms, wise investments, and responsible spending. The era of borrowing to cover policy failures must end,” the statement concluded.
