28/07/2025
The African Democratic Congress, on Sunday, condemned what it described as the “fiscal vandalism” of President Bola Tinubu’s administration, following the National Assembly’s approval of an additional $21bn in foreign loans.
The party said the new borrowing spree could drive Nigeria’s public debt beyond N200trn by the end of 2025, without any visible economic gains to show for it.
In a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC 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 party stated.
Citing official data, the ADC argued that under former President Muhammadu Buhari, the country borrowed an average of N4.7trn annually.
However, borrowing under the Tinubu administration has skyrocketed to N49.8trn per year.
“In just two years, this administration has borrowed more than 10 times what Buhari borrowed in the same timeframe,” the statement said.