The African Democratic Congress (ADC) has condemned what it calls “fiscal vandalism” by the Tinubu administration following the National Assembly’s approval of an additional $21 billion in foreign loans. The party warns that Nigeria’s public debt could surge past ₦200 trillion before the end of 2025, accusing the government of mortgaging the nation’s future without any corresponding economic revival or infrastructural development to justify the massive borrowing.
In a strongly worded statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said President Tinubu’s borrowing pattern has far outstripped that of his predecessor, Muhammadu Buhari, both in scale and economic consequence. The party noted that under Buhari, Nigeria borrowed an average of ₦4.7 trillion annually a figure that generated widespread concern at the time. However, under Tinubu, annual borrowing has skyrocketed to ₦49.8 trillion, a tenfold increase that the ADC described as “a calculated decision to plunge future generations into a debt trap.”
The party further criticized the argument that Tinubu’s foreign loans are smaller in dollar terms compared to Buhari’s administration, pointing to the devastating impact of the current naira exchange rate. “With the currency collapse driven by poor policy choices, Tinubu’s $1.7 billion annual foreign borrowing now translates to ₦25.5 trillion a year, compared to Buhari’s ₦2.2 trillion,” the statement read. “This is not fiscal reform; it is economic sabotage.”
According to the ADC, Nigeria’s total public debt has ballooned from ₦12.6 trillion in 2015 when the APC assumed power to over ₦149 trillion in 2025, with external debt from institutions like the World Bank and Eurobond markets multiplying several times over. The party warned that the new borrowing will push Nigeria’s foreign debt ceiling to $67 billion without any clear repayment strategy or evidence of productive investment.
The ADC also condemned the National Assembly for “acting as a rubber stamp” by approving massive loans without demanding transparency, accountability, or a comprehensive repayment plan. “Year after year, the loans increase, yet critical infrastructure remains broken, universities are underfunded, hospitals are ill-equipped, and electricity supply remains unreliable. Nigerians deserve to know where these trillions are going,” the party said.
The Association of Small Business Owners of Nigeria echoed similar concerns, warning that rising debt servicing costs and currency depreciation are already crippling local businesses and stifling economic growth. Economists also caution that with debt servicing consuming over 90% of government revenue, Nigeria risks entering a prolonged debt crisis that could severely limit fiscal independence and long-term development.
The ADC has demanded a full audit of all loans acquired in the last 10 years and called on Nigerians to hold both the executive and legislative arms accountable for what it described as “a dangerous addiction to borrowing that prioritizes short-term fixes over sustainable economic reform.”
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