The African Democratic Congress Presidential Campaign Council (ADC-PCC) has accused President Bola Tinubu of mortgaging Nigeria’s future following his request for National Assembly approval to borrow an additional $20 billion and £1 billion.
The Council, in a press statement signed by its Director of Media and Publicity, Kola Ologbondiyan, described the proposed borrowing as reckless and warned that excessive dependence on foreign loans could threaten Nigeria’s economic sovereignty and deepen its debt burden.
The ADC-PCC said the request came amid rising living costs, increased taxation and the removal of fuel subsidies, which it argued had worsened economic hardship for millions of Nigerians.
It also questioned the Federal Government’s continued borrowing, demanding a transparent account of previous loans and the savings reportedly generated by the removal of fuel subsidies.
“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” Ologbondiyan said.
He added: “Where is the money saved from fuel subsidy removal? What happened to the previous loans? And why must the government return to the international credit market with another $20 billion and £1 billion when millions of Nigerians are struggling to survive?”
The Council said the proposed borrowing raised questions about the administration’s fiscal priorities, economic direction and commitment to accountability, warning that accumulating foreign debt without clearly demonstrating its benefits could burden future generations.
According to Ologbondiyan, “This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn. A country cannot continue to accumulate foreign debt without a clear, measurable and transparent account of the benefits accruing to its citizens.”
He argued that the government could not continue to demand economic sacrifices from Nigerians while seeking additional loans without adequately explaining how previously available resources had been spent.
The ADC-PCC further warned that an economic strategy centred on borrowing and increased taxation, without corresponding improvements in productivity, infrastructure, employment and citizens’ welfare, could push the country deeper into a debt trap.
“The sovereignty of Nigeria must not be compromised by fiscal recklessness. Our national assets, economic independence and the welfare of future generations must not become casualties of an endless borrowing spree,” Ologbondiyan said.
The Council urged the National Assembly to subject the proposed loans to rigorous scrutiny and reject them unless the Federal Government demonstrates their necessity, sustainability and tangible benefits to Nigerians.
It also demanded that Tinubu publish a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, alongside a detailed breakdown of revenue generated from fuel subsidy removal and how the proceeds had been utilised.
Additionally, the ADC-PCC called for full disclosure of the proposed facilities’ purposes, interest rates, repayment periods, associated fees, conditions, collateral and guarantees.
The Council maintained that Nigerians had a right to know the financial obligations being incurred in their name and the implications for the country’s economic future.
“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” the statement said.
It also urged lawmakers not to abdicate their oversight responsibilities, insisting that no borrowing arrangement should expose the country to unacceptable fiscal risks.
“Nigerians must not be compelled to pay indefinitely for loans whose purposes, terms and benefits remain unclear. Our country must not mortgage its future through opaque and unsustainable borrowing,” the ADC-PCC stated.
