The African Democratic Congress (ADC) has sharply condemned Tinubu’s administration for reckless borrowing that dwarfs the debt accumulated under former President Muhammadu Buhari. ADC’s National Publicity Secretary, Mallam Bolaji Abdullahi, warned the nation is teetering on the edge of a financial disaster, with borrowing under Tinubu exploding to over ten times Buhari’s levels within just two years.
According to ADC, while Buhari’s government borrowed an average of about ₦4.7 trillion annually, the current administration’s borrowing has surged to nearly ₦49.8 trillion per year. They pointed out that this accelerated borrowing pace could push Nigeria’s total public debt past ₦200 trillion by the end of 2025.
The opposition party highlighted that although Tinubu’s foreign borrowing might appear smaller in dollar terms compared to Buhari’s, the naira’s deep depreciation means the local currency cost of these loans is dramatically higher. With the naira in free fall, Tinubu’s foreign loans now equate to approximately ₦25.5 trillion annually, sharply surpassing Buhari’s ₦2.2 trillion per year in foreign debt.
ADC criticized the National Assembly for rubber-stamping every loan request with little regard for transparency or accountability, calling on lawmakers to rigorously scrutinize borrowing proposals to protect Nigeria’s future.
The party issued a call for a comprehensive, public audit of all loans taken since 2015 by the ruling APC, including details on interest rates, repayment terms, and actual use of funds. They stressed the urgent need to stop borrowing to cover up policy failures and instead focus on responsible governance and economic reforms.
Despite massive borrowing in recent years, ADC pointed out that Nigerians continue to suffer from poor infrastructure, underfunded education, inadequate healthcare, and unreliable power supply. The unchecked debt accumulation threatens to saddle future generations with unsustainable financial burdens.
ADC’s statement concluded with a stark warning: “We are heading straight into a financial crisis, and those leading the country don’t seem to know how to stop. Borrowing must cease to be the government’s quick fix. It is time for fiscal discipline and transparency to salvage Nigeria’s economy.”
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The alarming revelations emphasize Nigeria’s mounting debt challenge and calls for accountability to ensure that borrowing translates into real economic progress rather than a looming financial catastrophe.
