Tinubu’s $21b loan endangering Nigeria’s future — ADC

The African Democratic Congress (ADC) has berated President Bola Tinubu’s administration over its borrowing spree.

In a statement issued on Sunday by the party’s spokesman, Mallam Bolaji Abdullahi, the ADC warned that the reckless borrowing could push Nigeria’s public debt beyond ₦200 trillion by the end of 2025 without any tangible economic benefits to justify the growing burden.

The ADC cited official data, showing the Tinubu administration has borrowed N49.8 trillion annually, over 10 times more than the Buhari administration’s N4.7 trillion in the same timeframe.

The party argued that the borrowing hasn’t translated to improved infrastructure or services, with Nigeria’s debt to the World Bank tripling and Eurobond debt growing 11 times over since 2015.

“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.

“In just two years, this administration has borrowed more than 10 times what Buhari borrowed in the same timeframe,” the statement said.

“At this rate, Nigeria’s total public debt will crash through N200trn before the end of the year.

“We are speeding toward a financial cliff, and those in charge seem to have no brakes,” it added.

While defenders of the Tinubu administration have claimed the current borrowing figures appear smaller in dollar terms, $1.7bn annually compared to Buhari’s $4.15 billion, the ADC dismissed such arguments, pointing instead to the devastating impact of currency devaluation.

“With the naira now in free fall, again thanks to this administration’s poor policy choices, these same loans are costing the country far more,” the statement read.

“When converted to naira, Tinubu’s foreign borrowing amounts to N25.5trn every year, more than Buhari’s annual average of N2.2trn,” the ADC stated.

ADC claimed that since the APC assumed power in 2015, Nigeria’s public debt has ballooned from N12.6trn to over N149trn in 2025, with over $35bn borrowed from external lenders alone in the last decade.

“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown 11 times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67bn,” the statement noted.

The opposition party expressed concern that this growing mountain of debt had not translated into improved infrastructure or services.

“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped, and the electricity supply is as poor as ever. So, what exactly are these loans used for?

“This is the question that Nigerians expect the National Assembly to ask. Instead, it has continued to approve these loans without asking the hard questions, without demanding a plan, and without standing up for the Nigerian people,” it stated.

The party cited data from the Association of Small Business Owners of Nigeria to further highlight the impact of excessive borrowing, saying small businesses now struggle to access credit, while investors are losing confidence and leaving the market.

“And because over 60 per cent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits,” the party said.

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