ADC Slams Tinubu Over New 21 Billion Dollar Loan

The African Democratic Congress has criticized the administration of President Bola Tinubu for what it described as reckless borrowing following the National Assembly’s approval of a fresh $21 billion foreign loan request.

The party warned that Nigeria’s rising debt profile could cross ₦200 trillion by the end of the year without any real benefit to the people.

In a statement issued on Sunday, the party expressed alarm over the pace of borrowing since Tinubu took office. It accused the administration of lacking a clear repayment plan or visible improvements in infrastructure, health, education, or electricity supply. The ADC said this new loan continues a dangerous trend that began with the previous government but has now worsened.

The party’s National Publicity Secretary, Bolaji Abdullahi, pointed out that while President Buhari’s government averaged about ₦4.7 trillion in loans annually, Tinubu’s borrowing rate has reportedly jumped to nearly ₦50 trillion per year. According to ADC, this is happening even as the naira continues to weaken, pushing the cost of servicing foreign loans to higher levels in local currency.

Despite arguments from government supporters that Tinubu’s loans are smaller in dollar value compared to Buhari’s, the ADC argued that the impact is worse because of the current exchange rate. Converted at today’s rate, the annual debt load under Tinubu amounts to around ₦25.5 trillion — a huge jump from Buhari’s ₦2.2 trillion yearly average.

The party warned that Nigeria is walking into a deep debt trap worsened by what it called poor economic management. It noted that since the APC took over power in 2015, Nigeria’s debt has ballooned from ₦12.6 trillion to a projected ₦149 trillion by 2025. External debt alone could now reach $67 billion.

ADC questioned how such heavy borrowing has helped ordinary Nigerians. It said that despite rising debt, key sectors like power, education, and healthcare remain in poor condition. With infrastructure still lagging, the party said many citizens are asking what the loans have actually achieved.

The party also faulted the National Assembly for approving loans without demanding proper explanations or implementation plans. It said lawmakers are failing to hold the executive accountable while Nigerians are left to bear the burden of debt repayment through increased taxes and reduced access to credit.

The ADC further raised concerns that small businesses are already feeling the impact of the growing debt. Investor confidence is low, credit is shrinking, and most of the government’s earnings are now used to repay debts, making life harder for the average citizen.

Calling for action, the ADC demanded the full disclosure of all loan deals signed over the past decade. It asked the government to reveal the terms, interest rates, payment periods, and the actual purpose of the loans.

The party urged President Tinubu to stop the borrowing trend and instead focus on real reforms, smart investment, and responsible spending. It said the country cannot continue to borrow its way out of problems and warned that the burden is being passed unfairly to future generations.