…Warns Debt Could Exceed ₦200tn, Demands Full Audit
The African Democratic Congress (ADC) on Sunday launched a scathing attack on President Bola Tinubu’s administration over Nigeria’s spiraling debt profile, following the National Assembly’s approval of an additional $21 billion in foreign loans.
In a strongly worded statement by its National Publicity Secretary, Mallam Bolaji Abdullahi, the opposition party described the development as “fiscal vandalism,” warning that the country’s public debt could surpass ₦200 trillion by the end of 2025 without any visible economic gains to justify the borrowing.
“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,” the party said.
Citing official figures, the ADC compared the Tinubu administration’s borrowing pattern with that of former President Muhammadu Buhari, noting that while Buhari’s government borrowed an average of ₦4.7 trillion annually, Tinubu’s government has escalated borrowing to ₦49.8 trillion per year.
“In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe,” the statement stressed.
“At this rate, Nigeria’s total public debt will crash through ₦200 trillion before the end of the year. We are speeding toward a financial cliff, and those in charge seem to have no brakes.”
Although some defenders of the administration have argued that the new borrowing appears smaller in dollar terms — $1.7 billion annually compared to Buhari’s $4.15 billion — the ADC dismissed this, pointing to the impact of currency 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,” the statement read.
“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.”
The party said Nigeria’s debt profile has ballooned from ₦12.6 trillion in 2015 to over ₦149 trillion in 2025, with more than $35 billion borrowed from external lenders in the last decade.
“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown eleven times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67 billion,” it stated.
Despite this, the ADC noted that the rising debts have not translated into better infrastructure or services.
“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?” it queried.
The party further criticised the National Assembly for failing to exercise oversight:
“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.”
Quoting data from the Association of Small Business Owners of Nigeria, the ADC said excessive borrowing has made it harder for small businesses to access credit, while investor confidence is declining.
“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.”
The party also faulted the government’s decision to keep borrowing even after the naira’s recent devaluation:
“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.”
It urged the President to halt the borrowing spree and focus on economic reform:
“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,” the statement concluded.
