…demands full audit of last 10 years loans
The African Democratic Congress (ADC) has condemned the approval of a fresh $21 billion foreign loan request by the National Assembly, describing it as “fiscal vandalism” by the Tinubu administration that threatens to push Nigeria’s public debt beyond ₦200 trillion before the year ends.
In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, on Sunday, July 27, the party accused President Bola Tinubu of mortgaging the country’s future through excessive borrowing, far surpassing the rate under his predecessor.
“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing,” the statement read.
“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,” it added.
The party noted that while the Buhari administration averaged ₦4.7 trillion in annual borrowings, Tinubu has pushed that figure to an alarming ₦49.8 trillion per year.
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“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 ₦200 trillion before the end of the year,” the ADC said.
It also dismissed arguments that Tinubu’s borrowings are smaller in dollar terms, pointing instead to the impact of a collapsed naira. “When converted to naira, Tinubu’s foreign borrowing amounts to ₦25.5 trillion every year, more than Buhari’s annual average of ₦2.2 trillion.”
Citing World Bank data and figures on Eurobond growth, the party said since the APC assumed power in 2015, the nation’s debt has skyrocketed from ₦12.6 trillion to over ₦149 trillion, with external debt nearing $67 billion.
The ADC expressed outrage that despite this growing debt profile, infrastructure remains in poor condition. “Hospitals are still ill-equipped, universities are still grossly underfunded, and electricity supply remains as poor as ever. So, what exactly are these loans used for?” it asked.
The party also rebuked the National Assembly for failing in its oversight duties. “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.”
The ADC concluded by citing the Association of Small Business Owners of Nigeria, warning that the burden of these loans is already suffocating the real sector and crippling small businesses.