The African Democratic Congress (ADC) has expressed strong concern over the administration of President Bola Tinubu following its move to seek an additional $1.25 billion loan from the World Bank, warning that the country’s growing debt burden is worsening economic hardship for citizens.
In a statement obtained by The News Chronicle on Thursday, the opposition party said it was alarmed by the fresh borrowing request, which comes shortly after the National Assembly approved another round of external loans worth billions of dollars.
The ADC questioned the impact of the government’s repeated borrowing on the lives of Nigerians, asking why poverty and economic hardship continue to deepen despite trillions of naira borrowed over the years.
According to the party, Nigeria’s public debt has climbed to about N159.28 trillion, while citizens continue to grapple with rising food prices, higher electricity tariffs, a weakened naira, insecurity, unemployment, and business closures.
The party described the current economic situation as a “Ponzi economy,” alleging that the government was relying on new loans to repay old debts and manage fiscal shortfalls, leaving ordinary Nigerians to bear the consequences through inflation and worsening living conditions.
The ADC also referenced the federal government’s projected debt servicing cost for 2026, estimated at $11.6 billion, warning that funds meant for infrastructure, healthcare, education, agriculture, security, and job creation could instead be diverted to debt repayment.
Criticising the pace of borrowing under the Tinubu administration since May 2023, the party claimed that several World Bank-backed programmes had been introduced under different names without visible improvements in citizens’ welfare.
The ADC further argued that economic reforms such as fuel subsidy removal, naira devaluation, and electricity tariff increases had failed to deliver promised relief, despite assurances that short-term sacrifices would lead to long-term economic recovery.
The party also faulted the National Assembly for allegedly failing to adequately scrutinise borrowing requests, accusing lawmakers of approving loans without sufficient resistance or public accountability.
