Tinubu mortgaging Nigeria’s future with debts- ADC; Says public debt ‘ll hit N200trn soon
Tinubu mortgaging Nigeria’s future with debts- ADC; Says public debt ‘ll hit N200trn soon
By Idun Maximus
The African Democratic Congress (ADC) has accused President Bola Tinubu of allegedly mortgaging the future of the country through endless borrowing.
The ADC, in a statement by its interim spokesman, Bolaji Abdullahi, at the weekend, said the recent approval of $21 billion in foreign loans for the President by the National Assembly is tantamount to “fiscal vandalism.”
According to the party, the new wave of borrowing will push the country’s public debt beyond ₦200 trillion before the end of the year, with allegedly nothing to show for it in terms of development.
It berated the National Assembly for acting as a rubber stamp to the Executive, noting that the federal legislators have allegedly ‘abdicated their duty to protect Nigerians from the consequences of unsustainable debt.”
The ADC noted that since the APC took over power in 2015, the country’s debt profile has risen from N12.6 trillion to over N149 trillion in 2025.
The party explained that under President Muhammadu Buhari, the country borrowed an average of N4.7 trillion annually, while under President Tinubu, Nigeria’s borrowing has increased to N49.8 trillion per annum.
It said: “the African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing. 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.
“Under President Buhari, Nigeria borrowed an average of N4.7 trillion per year, and even that caused widespread concern. But under President Tinubu, borrowing has jumped to N49.8 trillion per year. In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe.
“At this rate, Nigeria’s total public debt will crash through N200 trillion before the end of the year. We are speeding toward a financial cliff, and those in charge seem to have no brakes, thinking they can borrow their way out of economic problems that require more thoughtful actions and greater fiscal discipline.
“Supporters of this government like to argue that Tinubu’s borrowing is smaller in dollar terms, just $1.7 billion annually, compared to Buhari’s $4.15 billion. But that argument collapses the moment we look at the exchange rate. 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.
“When converted to naira, Tinubu’s foreign borrowing amounts to N25.5 trillion every year, more than Buhari’s annual average of N2.2 trillion. What we are witnessing is the deepening of a debt trap created by economic mismanagement and a collapsed currency.
“Since the APC took over in 2015, our total public debt has grown from N12.6 trillion to over N149 trillion in 2025. Over $35 billion has been borrowed from external lenders alone in the last decade of the APC. This is nearly twelve times more. .In just ten years, our debt to the World Bank has tripled.
“What we owe in Eurobonds has grown eleven times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67 billion.”
The ADC added that “this reckless borrowing, repeated year after year, with no plan to repay it, and no effort to use it productively, will leave our children repaying debts that they did not incur or benefit from. The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded; hospitals are still ill-equipped and electricity supply are 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 noted that “according to the Association of Small Business Owners of Nigeria, the cost of Tinubu’s borrowing is already crushing the very backbone of our economy. Small businesses can no longer access credit. Investors are losing confidence and pulling out. And because over 60 percent 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 opposition party stated that at while other countries are working towards reducing their debts, Nigeria under the APC is taking more debts, noting that rather than the recent devaluation of the Naira to reduce external borrowing, the government has allegedly seen it as an alibi to borrow more.
Consequently, the ADC demanded for a full disclosure of all loans agreement signed by the APC led federal government in the last 10 years, stating that “Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.”
Furthermore, the party charged President Tinubu to end the alleged fiscal recklessness, and focus on meaningful reform, through wise investments and responsible spending, noting that the” era of borrowing to cover policy failures must come to an end.”
