The African Democratic Congress (ADC) has raised the alarm over what it describes as “fiscal vandalism” by the President Bola Tinubu-led administration, warning that Nigeria’s public debt could exceed ₦200 trillion before the end of 2025.
In a strongly worded statement issued on Sunday and signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, ADC demanded a full public audit of all loan agreements entered into by the APC since 2015, including interest rates, maturity terms, disbursement details, and actual utilization.
“Nigerians deserve full transparency. The time has come to halt this reckless borrowing and return to responsible governance. We call on President Tinubu to focus on meaningful economic reforms, productive investments, and prudent spending, instead of using loans to paper over failed policies,” the statement added.
It condemned the recent approval by the National Assembly of an additional \$21 billion in foreign loans, accusing the ruling All Progressives Congress (APC) of plunging the nation deeper into a debt crisis without corresponding infrastructural or economic development.
According to the ADC, the Tinubu administration has outpaced the borrowing records of former President Muhammadu Buhari by an alarming margin, with current annual debt accumulation said to be over ten times higher than Buhari’s.
“Under President Buhari, Nigeria borrowed an average of ₦4.7 trillion per year, which already raised national concern. But under President Tinubu, the figure has ballooned to ₦49.8 trillion annually,” the statement noted.
“In just two years, this government has borrowed more than ten times what Buhari did in the same period.”
The ADC argued that while Tinubu’s supporters often cite smaller dollar figures of $1.7 billion annually compared to Buhari’s $4.15 billion, the real impact of the loans lies in their naira valuation, which has skyrocketed due to currency depreciation.
“With the naira in free fall, Tinubu’s foreign borrowing now translates to about ₦25.5 trillion annually, far more than Buhari’s annual ₦2.2 trillion. This is the dangerous deepening of a debt trap enabled by economic mismanagement and a collapsed currency,” it stated.
The opposition party chronicled the nation’s debt trajectory since the APC came to power in 2015, pointing out that Nigeria’s total public debt has risen from ₦12.6 trillion to over ₦149 trillion in just 10 years. External debt has soared as well, with over \$35 billion borrowed during this period. The debt owed to the World Bank has reportedly tripled, while Eurobond obligations have increased elevenfold.
Despite this massive borrowing, the ADC said Nigerians have seen little to no improvement in critical sectors such as infrastructure, education, healthcare, and power.
He said, “The debts keep rising, but the roads remain broken, universities are underfunded, hospitals are poorly equipped, and electricity is still erratic. So, what exactly are these loans being used for?”
The ADC also criticized the National Assembly, accusing lawmakers of abandoning their constitutional responsibility to hold the executive accountable.
“Rather than interrogate the rationale for these borrowings or demand viable repayment and investment plans, the National Assembly has chosen to act as a rubber stamp—approving loans without scrutiny.”
Citing data from the Association of Small Business Owners of Nigeria, the ADC said the Tinubu government’s borrowing habit is choking small businesses, eroding investor confidence, and triggering excessive taxation on ordinary citizens as the government seeks new revenue sources to service mounting debt.
The party said, “Over 60 percent of Nigeria’s income is now used to service debt, leaving the government with little room to support development or ease the burden on citizens. While other countries are cutting down on debt, this government sees every economic crisis as an excuse to borrow more.”
