The African Democratic Congress (ADC) has accused the President Bola Tinubu administration of operating a "Ponzi economy" following the Federal Government's move to secure a fresh $1.25 billion World Bank loan, despite Nigeria's mounting debt of approximately N159.28 trillion.
Internal Divisions Emerge
The ADC faction led by Nafiu Bala Gombe distanced itself from a statement by Bolaji Abdullahi claiming that over N800 billion was generated through deductions from Federation Account Allocation Committee (FAAC) allocations for political purposes ahead of the 2027 general elections.
Amid these internal wranglings, former Vice President Atiku Abubakar submitted his nomination and expression of interest forms to contest the 2027 presidential election on the ADC platform. Former Minister Chibuike Amaechi also declared that the 2027 elections will be the turn of Nigerians to rescue themselves from the current administration.
ADC's Criticism of Government Borrowing
In a statement signed by its National Publicity Secretary, Abdullahi, the ADC said the government is taking new loans to service old debts while Nigerians suffer from rising food prices, unemployment, insecurity, business closures, and worsening inflation. The party expressed disappointment that Tinubu himself declared Nigeria would spend about $11.6 billion (over N15 trillion) on debt servicing alone in 2026, diverting funds from roads, hospitals, schools, electricity, security, agriculture, and job creation.
"Even more disturbing is the speed and scale of the borrowing. Since assuming office in May 2023, the Tinubu administration has pursued or secured multiple World Bank facilities and external loans running into billions of dollars. Each time they want to borrow money, this government invents a new acronym. From ARMOR to RESET, HOPE or SPIN. These are merely different labels for the same pretext to continue borrowing without any recourse to measurable impacts on the lives of Nigerians," it stated.
Gombe Faction Dissociates
The Director of Media and Public Affairs of the Gombe faction, Christopher Okechukwu, categorically dissociated the faction from both Abdullahi and the statement credited to him. Okechukwu reaffirmed the faction's commitment to principled opposition politics and democratic values ahead of the 2027 general elections. He said: "The ADC, therefore, wishes to categorically dissociate itself from a statement issued by Abdullahi, purportedly on behalf of the party, in which he alleged that over N800 billion was generated through deductions from FAAC allocations for political purposes in preparation for the 2027 general elections. The ADC remains committed to playing the role of a principled opposition and will continue to challenge and criticise government policies and programmes which it considers detrimental to the interests and welfare of the Nigerian people."
Atiku and Mallami Submit Forms
Atiku and his supporters stormed the ADC Secretariat, signaling the completion of the first phase leading into the primaries of the coalition opposition ADC. Former Attorney General of the Federation, Abubakar Mallami (SAN), also submitted his forms to contest the 2027 governorship election in Kebbi State on the ADC platform. The former VP's presence created a chaotic situation among supporters who came to cheer him. Ignoring media engagement, Atiku was escorted away by security personnel after successfully submitting his forms.
Amaechi Declares 2027 as Nigerians' Turn
Amaechi declared that if consensus does not favor him, he will go into primaries, dismissing narratives of a Christian or Muslim turn. He stressed that every aspirant running for the office of President has an antecedent and should be judged by their records of service. After submitting his nomination and expression of interest forms at the ADC National Secretariat, Amaechi said his experience in public service convinces him that he is the right candidate to defeat Tinubu in 2027. He told journalists: "I would say that what you are seeing is that nearly everybody who is running for the office of the President has served Nigeria in one way or another. Let this be a referendum. If you have performed, whoever has outperformed the other, vote for that person. It is this 'Emilokan' that brought us here. It is our turn that brought us here. Now it is the turn of Nigerians."
