The African Democratic Congress Presidential Campaign Council (ADC-PCC) has condemned President Bola Ahmed Tinubu’s request to the National Assembly for approval to borrow an additional $20 billion and £1 billion, describing the move as reckless, unconscionable and a dangerous step towards Nigeria’s economic recolonisation.

The ADC-PCC said the fresh borrowing request comes at a time when Nigerians are still struggling with the devastating consequences of the administration’s economic policies, including soaring living costs, increased taxation and the removal of fuel subsidies, with millions of citizens facing worsening economic hardship.

The Council expressed concern that the administration continues to pursue aggressive borrowing without providing Nigerians with a transparent and convincing account of how previous loans and savings from subsidy removal have been utilised.

Speaking on the development, director of media and publicity of the ADC-PCC, Kola Ologbondiyan, said it was alarming that Tinubu’s administration was seeking additional foreign loans despite the enormous economic burden already imposed on Nigerians.

“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.

“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?”

Ologbondiyan said the development raises serious questions about the administration’s fiscal priorities, economic direction and commitment to accountability.

According to him, “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.

“President Tinubu cannot continue to impose painful economic sacrifices on Nigerians, claim the benefits of subsidy removal and, at the same time, seek enormous additional loans without adequately explaining how the resources already available to his government have been spent.”

The ADC-PCC argued that an economic strategy built primarily on borrowing and increased taxation, without corresponding improvements in productivity, infrastructure, employment and citizens’ welfare, risks pushing the country deeper into a debt trap.

It warned that excessive dependence on foreign creditors could expose Nigeria to mounting debt-servicing obligations, constrain future governments’ policy choices and undermine the country’s economic sovereignty.

The Council further observed that the administration must demonstrate how the proposed borrowing would contribute to productive investment, economic growth and improved living standards rather than impose additional liabilities on future generations.

“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 ADC-PCC therefore called on the National Assembly to subject the proposed borrowing to rigorous scrutiny and reject it unless the Federal Government provides compelling evidence of its necessity, sustainability and tangible benefits to the Nigerian people.

It also demanded that President Tinubu publish a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, alongside a detailed breakdown of the revenue realised from subsidy removal and how the funds have been applied.

The Council further called for full disclosure of the proposed loans’ purposes, interest rates, repayment periods, associated fees, conditionalities and any collateral or guarantees attached to the facilities.

It insisted that Nigerians have a constitutional and democratic right to know the obligations being incurred in their name and the implications for the country’s fiscal 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 National Assembly must not abdicate its oversight responsibilities. It must insist on accountability and ensure that no borrowing arrangement places the country’s future at unacceptable risk.

“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.