ADC Accuses Tinubu of Plunging Nigeria Into Debt Crisis Through “Fiscal Vandalism”

The African Democratic Congress (ADC) has launched scathing criticism against President Bola Ahmed Tinubu’s administration, accusing it of pushing Nigeria toward a severe financial crisis through what the party terms “fiscal vandalism” and irresponsible borrowing practices.

Nigeria’s Debt Profile Could Exceed ₦200 Trillion by 2025

In a strongly-worded statement released on Sunday and signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the opposition party revealed alarming statistics about Nigeria’s growing debt burden. According to the ADC, President Tinubu has borrowed more money in his first two years than former President Muhammadu Buhari did throughout his entire eight-year tenure.

“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing,” the statement read. “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.”

Comparative Analysis of Presidential Borrowing

The party provided a detailed breakdown of Nigeria’s borrowing patterns under both administrations:

• Buhari Era (2015-2023): Average of ₦4.7 trillion per year
• Tinubu Administration (2023-present): ₦49.8 trillion per year

“At this rate, Nigeria’s debt profile could exceed ₦200 trillion by December 2025,” Abdullahi warned, painting a grim picture of the nation’s financial future.

Dollar Debt Crisis Worsened by Naira Depreciation

The ADC dismissed government claims that Tinubu’s borrowing in dollar terms was lower than his predecessor’s, arguing that the severe depreciation of the naira has dramatically increased the real cost of foreign loans.

“President Tinubu’s foreign borrowing amounts to about ₦25.5 trillion per year, compared to Buhari’s ₦2.2 trillion annually. This shows we’re sinking deeper into debt due to poor economic decisions,” the statement emphasized.

National Assembly Under Fire for Loan Approvals

The opposition party also directed criticism at the National Assembly, accusing lawmakers of failing in their oversight responsibilities regarding loan approvals.

“The National Assembly has reduced itself to a rubber stamp, approving every loan request without asking tough questions. Despite the borrowing, roads remain bad, schools underfunded, hospitals poorly equipped, and electricity unreliable,” the ADC statement lamented.

The party demanded full transparency regarding Nigeria’s debt profile, calling for:

• A comprehensive audit of all loans taken in the last decade
• Disclosure of interest rates and repayment terms
• Accountability for how borrowed funds have been utilized

ADC Calls for Immediate Economic Reforms

The statement concluded with urgent recommendations for the Tinubu administration:

“Borrowing to cover up poor policies must stop. Other countries are working to reduce their debt burden. Nigeria, under the APC, is doing the opposite,” the ADC declared.

The party urged the government to implement meaningful economic reforms focused on:

• Efficient public spending
• Revenue generation through non-debt means
• Sustainable economic growth strategies

As Nigeria’s economic challenges continue to mount, this strong critique from the ADC adds to growing concerns about the country’s fiscal direction under the current administration.

Full credit to the original publisher: The Herald