The African Democratic Congress (ADC) has expressed deep alarm over the Tinubu administration's latest move to secure a fresh $1.25 billion World Bank loan, just weeks after the National Assembly approved another round of external borrowing worth billions of dollars. The party urged Nigerians to question why the government continues borrowing trillions of naira while the majority of citizens are experiencing worsening poverty and hardship.
Rising Debt and Economic Hardship
The ADC highlighted that Nigeria's total public debt has surged to approximately N159.28 trillion, yet food prices are rising daily, electricity tariffs are increasing, the naira remains weak, businesses are shutting down, insecurity is spreading, and millions of young Nigerians are unemployed. Families are cutting down on meals, manufacturers are struggling to survive, and small businesses are collapsing under inflation and poor economic conditions.
The party described the Tinubu administration as running a Ponzi economy, where new loans are constantly taken to service old debts and cover fiscal failures, while ordinary Nigerians bear the burden. President Bola Tinubu himself has stated that Nigeria will spend about $11.6 billion (over N15 trillion) on debt servicing alone in 2026. This means trillions of naira that should go to roads, hospitals, schools, electricity, security, agriculture, and job creation will instead go to creditors.
Speed and Scale of Borrowing
The ADC expressed concern over the speed and scale of borrowing since the administration took office in May 2023. The government has pursued or secured multiple World Bank facilities and external loans totaling several billion dollars. The party criticized the government for inventing new acronyms like ARMOR, RESET, HOPE, or SPIN to justify borrowing without measurable impacts on Nigerians' lives.
The ADC noted that the government removed fuel subsidies, devalued the naira, increased electricity tariffs, and imposed painful economic policies, promising temporary sacrifice for long-term recovery. Some loans were ostensibly obtained to cushion the impacts of these policies, but Nigerians continue to suffer one of the worst cost-of-living crises in recent history as the government piles on more debts.
Lack of Tangible Benefits
The party argued that a serious government borrows to build industries, stabilize power, create jobs, expand exports, improve transportation, and grow the economy in ways citizens can feel. However, after all this borrowing, Nigerians cannot point to any measurable improvement in their daily lives that matches the scale of debt accumulated in their name.
The ADC also criticized the National Assembly for being reduced to a rubber stamp, approving massive borrowing requests with little resistance or public scrutiny, even as debt servicing consumes an increasingly unsustainable share of government revenue.
Call for Change
The ADC stated that Nigeria cannot continue mortgaging the future of unborn generations to keep the present administration politically afloat. Ordinary Nigerians are already paying through hunger, inflation, unemployment, business closures, and a collapsing standard of living. The party called for leadership focused on production, security, industrialization, agriculture, stable electricity, support for local businesses, and real job creation.
