Tinubu’s borrowing worse than Buhari’s — ADC raises alarm over ₦200tn debt threat

The African Democratic Congress (ADC) has raised alarm over what it describes as “fiscal vandalism” under the Tinubu administration, following the National Assembly’s approval of a fresh $21 billion loan.

The party warned that Nigeria’s public debt could surpass ₦200 trillion before year-end, citing a lack of visible developmental gains or economic recovery to justify the increasing borrowings.

In a statement issued on Saturday by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused President Bola Tinubu of plunging the nation deeper into a debt crisis far worse than that of his predecessor, Muhammadu Buhari.

The party noted that Tinubu’s rate of borrowing has been ten times higher than Buhari’s within the same period, while blaming the National Assembly for acting as a rubber stamp.

“The Tinubu administration’s dangerous obsession with borrowing is nothing short of a calculated decision to mortgage the country’s future to cover up today’s failures,” the statement read.

The ADC said that while the Buhari government averaged ₦4.7 trillion in borrowing per year, Tinubu’s administration has already hit ₦49.8 trillion annually.

It added that despite claims that the current loans are smaller in dollar terms, the collapsing exchange rate means the country is bearing a heavier naira burden.

“At the current rate, Tinubu’s foreign borrowings amount to ₦25.5 trillion annually, compared to Buhari’s ₦2.2 trillion.

This is due to the weakened naira, which has worsened under this government’s poor policy choices,” the party stated.

The ADC further lamented the surge in Nigeria’s total debt from ₦12.6 trillion in 2015 to over ₦149 trillion in 2025, highlighting that over $35 billion has been secured from external lenders in the last decade.

It stressed that loans from the World Bank have tripled and Eurobond debts have increased elevenfold, with the latest borrowing projected to raise the foreign debt ceiling to $67 billion.

Calling for a comprehensive audit of loans obtained over the last ten years, the ADC condemned the lack of transparency and impact of the funds borrowed.

It noted that despite the debt surge, core sectors like infrastructure, education, health, and electricity have seen no real improvement.

“The question is, what exactly are these loans being used for? Universities remain underfunded, hospitals unequipped, and electricity remains unreliable,” the party queried.

Citing concerns from the Association of Small Business Owners of Nigeria, the ADC added that the rising debt is already putting intense pressure on the nation’s economy and stifling small businesses, the backbone of the economy.

Read Also: 8 Things to know about Nentawe Yilwatda, APC’s new National Chairman

The party urged the National Assembly to prioritize accountability and scrutiny over blind approvals, demanding that it begins to act in the interest of Nigerians who are bearing the brunt of the economic burden.