ADC says Tinubu into “fiscal vandalism,” asks him to stop fiscal recklessness …. instead [do] meaningful reform by investing wisely and spending responsibly”
By Jeph Ajobaju, Chief Copy Editor
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“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown 11 times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67bn.
“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped, and the electricity supply is as poor as ever. So, what exactly are these loans used for?
“This is the question that Nigerians expect the National Assembly to ask. 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 ….
“The ADC hereby demands a full disclosure of all loan agreements signed over the past ten years by the APC and the Tinubu government. Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.
“We also call on President Tinubu to put an end to this fiscal recklessness, and focus instead on meaningful reform, by investing wisely and spending responsibly. The era of borrowing to cover policy failures must come to an end” – ADC spokesperson Abdullahi.
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National Assembly (NASS) approval of a new $21 billion foreign loan request by Bola Tinubu has been described by the African Democratic Congress (ADC) as encouraging the President’s “fiscal vandalism.”
ADC said the new borrowing spree could drive Nigeria’s public debt beyond N200 trillion by the end of 2025, without any visible economic gains to show for it.
A statement issued by interim ADC National Publicity Secretary Bolaji Abdullahi accused Tinubu of accelerating Nigeria’s descent into a debt trap far worse than what the country experienced under his predecessor.
“What Nigerians are witnessing, following the approval of a fresh $21bn in foreign loans, is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today,” the statement said.
ADC argued that under former President Muhammadu Buhari, the country borrowed an average N4.7 trillion yearly which has now skyrocketed to N49.8 trillion per year under Tinubu.
“In just two years, this administration has borrowed more than 10 times what Buhari borrowed in the same timeframe.
“At this rate, Nigeria’s total public debt will crash through N200trn before the end of the year.
“We are speeding toward a financial cliff, and those in charge seem to have no brakes.”
Tinubu apologists claim the current loan figures appear smaller in dollar terms, $1.7 billion yearly compared to Buhari’s $4.15 billion, but ADC dismissed the argument, pointing to the devastating impact of naira devaluation.
“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.
“When converted to naira, Tinubu’s foreign borrowing amounts to N25.5trn every year, more than Buhari’s annual average of N2.2trn,” ADC reiterated.
Since the APC assumed power in 2015, it stressed, Nigeria’s public debt has ballooned from N12.6 trillion to over N149 trillion in 2025, with over $35 billion borrowed from external lenders alone.
“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown 11 times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67bn.
“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped, and the electricity supply is as poor as ever. So, what exactly are these loans used for?
“This is the question that Nigerians expect the National Assembly to ask. 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.”
ADC cited data from the Association of Small Business Owners of Nigeria to further highlight the impact of excessive borrowing, saying small businesses now struggle to access credit while investors are losing confidence and leaving the market.
“And because over 60 per cent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits.”
ADC also faulted the government for borrowing more even after naira devaluation which should ordinarily reduce the need for external loans.
“The ADC hereby demands a full disclosure of all loan agreements signed over the past ten years by the APC and the Tinubu government. Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.
“We also call on President Tinubu to put an end to this fiscal recklessness, and focus instead on meaningful reform, by investing wisely and spending responsibly. The era of borrowing to cover policy failures must come to an end.”
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