The African Democratic Congress (ADC) has strongly criticized President Bola Ahmed Tinubu’s administration for what it describes as reckless and excessive borrowing that threatens Nigeria’s financial stability.
In a statement released on Sunday, July 21, 2025, and signed by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC expressed deep concern over the growing national debt under Tinubu’s government.
The party warned that if the borrowing trend continues unchecked, Nigeria’s total debt could exceed ₦200 trillion by the end of 2025.
“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 statement read.
Tinubu’s Borrowing Surpasses Buhari’s Record
The ADC accused President Tinubu of surpassing the borrowing record of his predecessor, Muhammadu Buhari. While the Buhari administration reportedly borrowed an average of ₦4.7 trillion annually, the ADC claimed that Tinubu’s government has already borrowed an average of ₦49.8 trillion per year — a more than tenfold increase.
The party noted that although some analysts argue Tinubu’s borrowing in dollar terms appears lower, the impact in naira terms is far more damaging due to the currency’s sharp devaluation.
“Tinubu’s foreign borrowing stands at about ₦25.5 trillion annually, compared to Buhari’s ₦2.2 trillion,” the party added. “This means Nigeria is sinking deeper into debt due to poor economic decisions and the weakened value of the naira.”
Loans Not Translating Into Development
The ADC also criticized the Tinubu-led government for failing to provide tangible improvements in critical sectors despite the massive influx of borrowed funds. The party noted that roads remain in poor condition, public schools are underfunded, hospitals lack essential equipment, and electricity supply remains unreliable.
“Despite all the loans, Nigerians are still asking: what are these loans really for?”
The party further lambasted the National Assembly for what it described as a lack of oversight and failure to act in the interest of the Nigerian people. According to the ADC, lawmakers have merely rubber-stamped every loan request without demanding accountability or offering resistance.
A Dire Warning for Nigeria’s Economic Future
As other countries work to reduce their debts and stabilize their economies, the ADC warned that Nigeria is headed for a full-blown debt crisis unless urgent corrective measures are taken.
“This constant borrowing without a clear repayment plan or visible results means that future generations will be saddled with debts they never benefited from,” the statement said.
The ADC called on the Federal Government to adopt smarter, more sustainable economic strategies that prioritize transparency, accountability, and long-term development over short-term fixes.
