A chieftain of the African Democratic Congress (ADC), Kenneth Okonkwo, has accused President Bola Tinubu’s administration of excessive borrowing, alleging that the country is being pushed into unsustainable debt.
Okonkwo made the allegation on Tuesday during an interview on Channels Television’s Politics Today.
He also criticised the Federal Government’s handling of the revenue generated following the removal of the petrol subsidy, arguing that Nigerians had yet to see sufficient improvements in public infrastructure.
According to him, previous administrations introduced programmes aimed at reinvesting subsidy savings in development projects and social interventions.
“All the presidents before him, when they removed the subsidy, instituted programmes to reinvest the subsidy savings to help the masses,” he said, citing the Petroleum Trust Fund established under the late General Sani Abacha and the Subsidy Reinvestment and Empowerment Programme introduced under former President Goodluck Jonathan.
Okonkwo alleged that despite the removal of the subsidy and increased government revenue, Nigerians continued to face inadequate electricity supply, poor roads and other infrastructure challenges.
“The President is borrowing this country into slavery,” he said.
He further cited Nigeria’s public debt, which stood at N166.79 trillion as of June 30, 2026, according to figures from the Debt Management Office, and questioned how the government was deploying its increased revenue.
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Okonkwo also criticised what he described as government spending on non-essential areas, including private jets and yachts, while calling for greater accountability in the management of public funds.
He questioned why Nigerians were still facing rising electricity tariffs and inadequate infrastructure despite the government’s increased revenue.
“What is he doing with the money? They are squandering it on fake agencies. They are squandering it on private jets, private yachts. What is going on in this country?” he asked.
