The African Democratic Congress (ADC) has criticised President Bola Tinubu’s 2026 budget proposal, describing it as a debt trap disguised as reform and warning that it relies on excessive borrowing and unrealistic revenue projections that could worsen Nigeria’s fiscal challenges.
In a statement issued on Monday by its National Publicity Secretary, Bolaji Abdullahi, the party said the ₦58.18 trillion 2026 Appropriation Bill entrenches what it called the Tinubu administration’s pattern of fiscal irresponsibility and wishful economic planning.
President Tinubu had on Friday presented the 2026 budget, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” to a joint sitting of the National Assembly, expressing optimism about economic recovery and pledging tighter fiscal controls. He said the proposal was designed to build on recent macroeconomic improvements, restore confidence and translate stability into broad-based benefits for Nigerians.
Reacting, the ADC said the 2026 budget largely mirrors what it described as the failed and poorly implemented 2024 and 2025 budgets and is likely to suffer a similar fate, with much of its execution deferred.
According to the party, the proposed ₦25.68 trillion capital expenditure would be largely financed through borrowing, given a projected deficit of ₦23.85 trillion. It warned that this approach would deepen Nigeria’s debt burden and mortgage the future of coming generations.
“The document presented before the National Assembly is a debt trap masquerading as a budget,” the party said, adding that borrowing to fund what it described as opaque and frivolous spending was irresponsible and unsustainable.
ADC accused the Tinubu-led APC government of fiscal chaos, alleging that it was effectively attempting to run multiple budgets simultaneously due to delays and failures in concluding previous budget cycles. It argued that the administration had failed to demonstrate fiscal discipline or credible planning.
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The party also faulted the government’s revenue projections, describing them as unrealistic. It said projected revenues had risen sharply from about ₦20 trillion in 2024 to ₦40 trillion in 2025 and ₦58.57 trillion in 2026, figures it claimed were disconnected from economic realities.
ADC further criticised the proposed oil price benchmark of $64 per barrel and a revenue target of about ₦34 trillion, arguing that weakening global oil prices and broader economic conditions made such assumptions risky.
The party expressed concern over the size of the deficit and rising debt servicing costs, noting that debt servicing was projected to increase from ₦12.63 trillion in 2024 to ₦15.52 trillion in 2026. It warned that a deficit-to-revenue ratio of about 70 per cent signalled fiscal distress.
According to ADC, the administration had failed to confront underlying fiscal problems and was relying on borrowing and optimistic projections rather than structural discipline. It called for a fundamental rethink of Nigeria’s fiscal strategy to prioritise sustainable growth and protect future generations.