₦airaland Forum

PRESS STATEMENT

For Immediate Release
July 27, 2025

From ₦12 Trillion to ₦200 Trillion: ADC Tracks APC’s Fiscal Disaster
-Says President’s Borrowing is 10 Times Worse Than Predecessor
-Demands Full Audit of Loans of Last 10 Years

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 full statement read:

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.
Since the APC took over in 2015, our total public debt has grown from N12.6 trillion to over N149 trillion in 2025. 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.

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.

African Democratic Congress hereby demands a full disclosure of all loan agreements signed over the past ten years by the APC and the Tinubu government. Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.

We also call on President Tinubu to put an end to this fiscal recklessness, and focus instead on meaningful reform, by investing wisely, and spending responsibly. The era of borrowing to cover policy failures must come to an end.

Mallam Bolaji Abdullahi
National Publicity Secretary
African Democratic Congress (ADC)

..a bullion van was allowed to snatch & grab..never expect any form of financial prudence from someone who dealt in Narcotics ..& uses bullion vans as part of his entourage..

..he has Lsgos in his pocket..& all the SW states in his grip..which he is extending all over the geographical expression..

..but his aim of state capture will fail before his very emi:;"lo,,:"kan eyes..



..

Coalition of jokers and lizards ! See people that want to rescue Nigeria ?

All I know is that Nigeria is in serious debt, forget the propaganda they tell you how things are now working.

Tinubu is a "FISCAL VANDAL" - ADC
Tinubu's government is "URBAN BANDITS" - ELRUFAI

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

God have mercy upon us

Mabuggi88:
God have mercy upon us

Amen and amen Nlfpmod, Tinubu has borrowed more than necessary and needed.

Meanwhile, APC defenders of this disaster of a government said the government have not borrowed.

ADC should stop misinforming people. This is not the route to winning elections. The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years.

shivisee:
Coalition of jokers and lizards ! See people that want to rescue Nigeria ?

Stop diverting attention, we know ur type. Read the facts as contained therein.

Image123:
ADC should stop misinforming people. This is not the route to winning elections

What exactly is the misinformation here please

Just watch the bot won't say anything useful

Bulk of those in ADC today came from APC.
Are they probing themselves..?

mrvitalis:
What exactly is the misinformation here please

Just watch the bot won't say anything useful

The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years. How much the federal government and the 36 states can borrow during the next three years. That is not the amount they will borrow. If the worst happens, they will be able to borrow $20.5 billion. Are you in the same room as lexy or the same person?

iwaeda:
Mallam Bolaji Abdullahi
National Publicity Secretary
African Democratic Congress (ADC)

Nah hatred for Tinubu don turn you to olodo.

Hate has no advantages

U people keep spreading propaganda up and down 😂

Eyin olodo wanwan yiii 😊

Politicians are disastrous when empowered by a questionable constitution. We need a revolution, this will pave a new governance mechanism for the country.

We need a revolution!!!!!

The last government we had was with Johnathan who had lots of technocrats like Madam Okonjo amd Akinwumi Adesina.

Image123:
The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years. How much the federal government and the 36 states can borrow during the next three years. That is not the amount they will borrow. If the worst happens, they will be able to borrow $20.5 billion. Are you in the same room as lexy or the same person?

where's subsidy money? Oh sorry it was used for infrastructures. Like renovating ICC with 36billions, something built with 200million

Image123:
The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years. How much the federal government and the 36 states can borrow during the next three years. That is not the amount they will borrow. If the worst happens, they will be able to borrow $20.5 billion. Are you in the same room as lexy or the same person?

COMPREHENSION due to ILLITERACY and ABILITY to THINK or to be controlled dey WORRY 9ja ppl

tito44:
Stop diverting attention, we know ur type. Read the facts as contained therein.

u that READ, ur comment SHOWS u have no IDEA or didn't COMPREHEND what u READ
ability to read differs to UNDERSTANDING, KNOWLEDGE and WISDOM

fuckingAyaya:
where's subsidy money? Oh sorry it was used for infrastructures. Like renovating ICC with 36billions, something built with 200million

What subsidy money? Are you aware that the Federal Government (FG) and state governments share revenue allocations from the Federation Account Allocation Committee (FAAC) every month?

Hate to be the guy.

Alright, tinubu is not running this country well.
That's my belief.

But the reason for our high debt is simple. Budgets rely on oil prices and oil prices since 2014-21 and 2022- date have been below 100 dollars per barrel. Most of the time it has been below 60 dollars per barrel. Result, we borrow or by now not one of us would have seen salaries in over 5 years.

If we want a budget without borrowing, oil has to be at 130 dollars and above per barrel for the year. Not going to happen.

Tinubu and buhari and apc are still bad leaders because they knew what should be done once oil prices fell. They didn't do it . Removing subsides totally, taxes, fighting corruption, diversification

But, seriously, how ca one president, in just two years take a nation's debt from 12Trillion to 200 TRILLION. TWO HUNDRED FA!

Now someone will say, "well, it's because of Naira devaluation" and my question is, who devalued the Naira? Judas Iscariot?

Image123:
What subsidy money? Are you aware that the Federal Government (FG) and state governments share revenue allocations from the Federation Account Allocation Committee (FAAC) every month?

during Jonathan's tenure you people at Ojota didn't tell us this. Jonathan took the blame alone so why trying to exonerate bulaba?

Tinubu is sustaining Buhari's legacy of unbridled borrowings.Looking at all these borrowings in what ways have they added on Nigerian people and Nigerian economy?

iwaeda:
All I know is that Nigeria is in serious debt, forget the propaganda they tell you how things are now working.

Correct,

This isn't about politics, but the future of the Nation. The country's debt is unsustainable anis being d is being wasted on imports and paying salaries.

When he is paying women footballers Hefty amount of tax payers money and dashing them mansions money meant for hospitals and schoos where do you think the money came from?

iwaeda:
Mallam Bolaji Abdullahi
National Publicity Secretary
African Democratic Congress (ADC)

Are you sure you have the facts?
The facts are you sure?
Sure are you the facts?

I have concluded that something is really wrong somewhere with us as a people.

It's either of 3 scenarios though.

1. Nairaland is a representation of the youths in Nigeria, with most being dull and lacking cognitive reasoning.

2. Nairaland comments are coming from very, very, very dull youths who just need a forum to vent their beer parlor rants while the intelligent ones are either not commenting or not on this forum at all.

3. Nairaland was designed specifically as a forum for only dull people who can not discuss intelligently, to vent out their frustrations while the world keeps ticking on.

I am feeling I am either in the wrong forum or I shouldn't be reading comments at all.

Hmmmm.

Tinubu slaves will come and gaslight you now that the reason the figures have increased is because of the Naira has lost value.

Ask them who made the Naira lost value

Peter Obi caused everything because most of the money they borrowed were used to pay people who will help them to attack Peter Obi like Reno Omokri.

So Peter Obi should be blamed for this too much borrowing.


🤣🤣🤣🤣🤣🤣

Image123:
The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years. How much the federal government and the 36 states can borrow during the next three years. That is not the amount they will borrow. If the worst happens, they will be able to borrow $20.5 billion. Are you in the same room as lexy or the same person?

Is MTEF the bible or some holy book that must be obeyed. Is it not the government that decided MTEF.

What they are saying is that the debt burden has become an existential threat to the survival of the country. The debt is fuelling the inflation that drives poverty and the result of poverty is worsening insecurity.

The government should find the ways and means to develop this country internally. And this starts by a radical change in the way it operates.

It should cease wasteful spending on unproductive so called legacy projects, trim to the barest minimum it's appetite for the award of contracts for all manner of things, rather effect the bulk of it's projects by direct labour and commercial partnerships.

And begin to implement the Oransanye report to trim government size. Our recurrent expenditure does not tally with the reality of our economy.

These are the ways to START a debt free life.