₦airaland Forum

The African Democratic Congress (ADC) has expressed outrage over what it describes as “fiscal vandalism” by the Tinubu administration following the approval of yet another $21 billion in foreign loans by the National Assembly.

The party says this new wave of borrowing will drive Nigeria’s public debt beyond ₦200 trillion before the end of the year, with no corresponding development or economic revival to justify it.

In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused President Tinubu of surpassing his predecessor by mortgaging the country’s future in mountains of debts in the name of economic reform.

The party also slammed the National Assembly for acting as a rubber stamp, saying lawmakers had abdicated their duty to protect Nigerians from the consequences of unsustainable debt.

“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing. 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.

“Under President Buhari, Nigeria borrowed an average of N4.7 trillion per year, and even that caused widespread concern. But under President Tinubu, borrowing has jumped to N49.8 trillion per year. 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 N200 trillion before the end of the year. We are speeding toward a financial cliff, and those in charge seem to have no brakes, thinking they can borrow their way out of economic problems that require more thoughtful actions and greater fiscal discipline.


"Supporters of this government like to argue that Tinubu’s borrowing is smaller in dollar terms, just $1.7 billion annually, compared to Buhari’s $4.15 billion. But that argument collapses the moment we look at the exchange rate. With the naira now in free fall, again thanks to this administration’s poor police choices, these same loans are costing the country far more. When converted to naira, Tinubu’s foreign borrowing amounts to N25.5 trillion every year, more than Buhari’s annual average of N2.2 trillion. What we are witnessing is the deepening of a debt trap created by economic mismanagement and a collapsed currency.”

The opposition party said since the APC took over in 2015, Nigeria’s total public debt has grown from N12.6 trillion to over N149 trillion.

“Over $35 billion has been borrowed from external lenders alone in the last decade of the APC. This is nearly twelve times more in just ten years Our debt to the World Bank has tripled. What we owe in Eurobonds has grown eleven times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67 billion.

“This reckless borrowing, repeated year after year, with no plan to repay it, and no effort to use it productively, will leave our children repaying debts that they did not incur or benefit from. The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped and electricity supply are as poor as ever. So, what exactly are these loans used for? This is the question that Nigerians expect the National Assembly to ask. 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.


“According to the Association of Small Business Owners of Nigeria, the cost of Tinubu’s borrowing is already crushing the very backbone of our economy. Small businesses can no longer access credit. Investors are losing confidence and pulling out. And because over 60 percent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits.

“While other countries are fighting to reduce their debts, the APC is taking out more loans. The recent devaluation of the naira should have reduced the need for external borrowing, but instead, the government has treated it as an excuse to borrow even more.”

ADC demanded a full disclosure of all loan agreements signed over the past ten years, insisting that Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.

givedemwotowoto:
Beyond Tinubu’s failures which are the worst in Nigeria's history, his supporters are bent on destroying Lagos with thugs harassing people and creating ethnic tensions which could lead to violent ethnic clashes in Nigeria’s most cosmopolitan city

malali:
where is the lie, though. Tinubu is borrowing money like crazy.

Ofunaofu:
The bullion vans D-lord is now engaging in fiscal vandalism, borrowing recklessly and plunging our country into more debt.

Bobloco:
https://dailytrust.com/fiscal-disaster-tinubus-borrowing-10-times-worse-than-buharis-adc/

Bobloco:
https://dailytrust.com/fiscal-disaster-tinubus-borrowing-10-times-worse-than-buharis-adc/

Alliswell248:
Liar....
To deceive the headless mob.
You can't win with this lies.

Jagaban till 2031

malali:
What President Bola Ahmed Tinubu’s administration calls “economic reform” is, in truth, a grand pyramid of debt, mortgaging Nigeria’s future to fund present-day consumption. The numbers are staggering, but more troubling is their trajectory: ₦12.6 trillion in debt under Jonathan, now spiraling toward ₦200 trillion under Tinubu.

And still, no dams, no ports, no bullet trains, no mega factories.

Nigeria’s debt today isn’t buying wealth-generating infrastructure. Instead, it’s being channeled into:
• Subsidy offsets for petrol and food
• FX buffer injections to artificially hold the naira
• Civil service overhead
• Palliative funds with no long-term multiplier

From Republic to Debt Colony

While countries like Rwanda and Vietnam borrow to build, Nigeria borrows to breathe. Without clear repayment strategies or ROI-linked targets, this is not nation-building. It’s nation-leasing. Every Eurobond, every IMF draw, every China Exim agreement becomes a silent lien on:
• Future tax revenue,
• Future natural resource flows,
• And your children’s freedom to make fiscal decisions.

With over 60% of all national revenue now devoted to debt service, the budget for development has vanished. Hospitals are still underfunded. Schools still use chalkboards from 1994. The national grid still flickers like a dying candle.

Austerity by Proxy

The worst part? This debt does not lead to growth, but it imposes austerity:
• SMEs can’t borrow; banks prefer lending to government.
• Importers can’t hedge; the naira’s volatility kills inventory turnover.
• Investors won’t commit; they fear a forced debt restructuring like Ghana.

Ordinary Nigerians, meanwhile, are taxed like they live in Monaco but served like they live in Mogadishu.

A Social Explosion Waiting to Happen

History teaches us that countries with unsustainable debt + currency devaluation + youth unemployment are ticking time bombs.
Tunisia in 2011.
Greece in 2009.
Argentina perennially.
Nigeria is entering that fiscal Bermuda Triangle, with oil theft, food inflation, and zero savings buffers making the spiral irreversible unless checked.

The Ask

What the ADC is demanding isn’t revolutionary. It’s elementary due diligence:
• Disclose loan terms.
• Link each loan to a cash-generating outcome.
• Cap total external debt-to-GDP at 30%.
• Pause borrowing for at least 12 months.

Because without transparency, accountability, and productive use of capital, Nigeria isn’t just borrowing money. It’s borrowing time.

Bobloco:
https://dailytrust.com/fiscal-disaster-tinubus-borrowing-10-times-worse-than-buharis-adc/

asfrank:
ADC knows the average Nigerian doesn't make any form or independent research. They always rely on someone else to summarize, so misinformation has been a perfect strategy for ADC,

AntiChristian:
Opposition talk na just lies masked as truth!

It can't stand.

What truly happens is that the valuation of our naira decreased.

Alliswell248:
I don't expect anything good thing from you regarding the government.
You are been programmed to dish out unverified information like the lying machine who you support m

Try more. Do some research on your own. Today is holiday in south east...do your own research. Don't be a headless mob.

Alliswell248:
I don't expect anything good thing from you regarding the government.
You are been programmed to dish out unverified information like the lying machine who you support m

Try more. Do some research on your own. Today is holiday in south east...do your own research. Don't be a headless mob.