Tinubu’s foreign loan controversy intensifies as ADC warns Nigeria’s debt may exceed ₦200trn by 2025, accusing FG of reckless borrowing without visible progress
Tinubu’s foreign loan controversy escalated on Sunday as the African Democratic Congress (ADC) condemned the approval of an additional $21 billion in foreign loans by the National Assembly under President Bola Ahmed Tinubu’s administration.
Also read: Tinubu Slams ADC as ‘Coalition of Confusion’ in Bold NEC Speech
The ADC described the move as “fiscal vandalism” and warned that Nigeria’s public debt could exceed ₦200 trillion by the end of 2025 without any visible economic progress.
In a strongly worded statement, Mallam Bolaji Abdullahi, the party’s National Publicity Secretary, accused the Tinubu administration of dragging Nigeria deeper into a debt trap even more severe than during the Buhari era.
“What Nigerians are witnessing is a calculated decision to mortgage the country’s future just to cover up today’s failures,” the ADC said.
According to official figures cited by the party, former President Muhammadu Buhari borrowed an average of ₦4.7 trillion annually, while borrowing under Tinubu has spiked to ₦49.8 trillion per year—a more than tenfold increase.
The ADC noted that despite arguments that Tinubu’s loans are smaller in dollar terms, the real impact is worsened by the naira’s sharp devaluation.
Tinubu’s external borrowing now averages ₦25.5 trillion annually compared to Buhari’s ₦2.2 trillion when converted to naira.
“Debt is piling up, but infrastructure remains broken, hospitals lack equipment, universities are underfunded, and electricity is as poor as ever. So, what exactly are we borrowing for?” the party asked.
The ADC also blamed the National Assembly for approving loans without transparency, demanding that lawmakers ask critical questions and ensure fiscal responsibility.
They pointed to data from the Association of Small Business Owners of Nigeria, which shows that businesses are struggling to access credit, investor confidence is dropping, and government debt servicing now consumes over 60% of national income.
“And because of this, ordinary Nigerian families are being taxed beyond their limits to fill the gaps,” the party added.
The ADC criticized the federal government for seeking more loans even after the recent naira devaluation, which should have discouraged excessive foreign borrowing.
As part of its demands, the party called for complete transparency on all loans obtained since 2015, including terms, interest rates, and repayment schedules.
“We call on President Tinubu to end this fiscal recklessness and instead focus on meaningful reforms and responsible spending,” the statement concluded.
Also read: ADC Accuses Tinubu, APC of Plot to Silence Opposition Voices Nationwide
Efforts to reach presidential aides Bayo Onanuga and Daniel Bwala were unsuccessful as of the time of this report.
