ADC Slams Tinubu Over Alarming Borrowing, Warns Of Impending Financial Crisis

The African Democratic Congress (ADC) has sharply criticized President Bola Tinubu over what it described as reckless and excessive borrowing that threatens to plunge Nigeria into a severe financial crisis.

In a statement issued on Sunday by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC alleged that Tinubu’s administration has borrowed more in just two years than former President Muhammadu Buhari did during his entire eight-year tenure.

The party expressed deep concern over the recent approval of a fresh $21 billion in foreign loans, calling it a deliberate attempt to mortgage the country’s future to cover up the administration’s current failures.

“Under President Buhari, Nigeria borrowed an average of ₦4.7 trillion per year, and even that sparked national concern,” the statement read. “But under President Tinubu, borrowing has skyrocketed to ₦49.8 trillion annually. In just two years, this government has outpaced Buhari’s entire borrowing record in a fraction of the time.”

The ADC warned that if the current borrowing pattern continues unchecked, Nigeria’s total debt could exceed ₦200 trillion by the end of 2025.

“We are on a direct path to a financial disaster, yet those in charge seem oblivious. Instead of pursuing innovative economic solutions, the Tinubu administration continues to pile on debt with no visible results,” the statement added.

Addressing arguments that Tinubu’s loans appear smaller in dollar terms than Buhari’s, the ADC said such comparisons are misleading due to the naira’s collapse.

“With the naira’s value in free fall, Tinubu’s foreign loans now cost the country far more. While Buhari’s foreign debt averaged ₦2.2 trillion yearly, Tinubu’s is now around ₦25.5 trillion per year—highlighting the scale of this administration’s poor economic judgment.”

The party also slammed the National Assembly for what it described as a failure to hold the executive accountable, accusing lawmakers of rubber-stamping every loan request without proper scrutiny.

“Despite the mountain of debt, Nigerians see no improvements: roads remain dilapidated, schools underfunded, hospitals ill-equipped, and electricity unreliable,” the party said. “The public deserves to know where these billions are going, yet the National Assembly continues to approve loans without asking critical questions or defending the people’s interests.”

The ADC concluded by comparing Nigeria’s borrowing habits to other nations, noting that while others are working to reduce their debt burdens, the Tinubu-led APC government is accelerating into deeper debt—even using the naira devaluation as a pretext for more borrowing.