ADC Criticizes Tinubu’s Loan Plan

ADC Criticizes Tinubu’s Loan Plan

The African Democratic Congress has criticised President Bola Tinubu’s administration over plans to secure a fresh $1.25bn loan from the World Bank.

In a statement on Thursday, the party described the government’s borrowing pattern as a “Ponzi economy” that keeps pushing Nigerians deeper into hardship.

The opposition party said the country’s debt profile had continued to rise while living conditions worsened across Nigeria.

According to the ADC, food prices, electricity tariffs, unemployment and inflation have continued to put pressure on families and businesses despite repeated borrowing.

The party also questioned why the government keeps requesting new loans after introducing tough economic policies such as fuel subsidy removal and naira devaluation.

It argued that citizens were yet to see clear improvements that matched the scale of the debts being accumulated.

The ADC further accused the National Assembly of approving borrowing requests without proper scrutiny.

It warned that the country’s future was being endangered and called for a stronger focus on production, industrial growth, electricity, agriculture and job creation.