Daramola Aanuoluwapo I Ibadan
The African Democratic Congress (ADC) has criticized President Tinubu’s administration for “fiscal vandalism,” stating that the president is borrowing far more than his predecessor, Late Muhammadu Buhari, and pushing Nigeria to the edge of financial disaster.
The ADC said President Tinubu’s government has borrowed more in two years than Buhari did in eight, warning that the country’s total debt could hit ₦200 trillion before the end of 2025.
“Under President Buhari, Nigeria borrowed an average of N4.7 trillion per year, and even that caused widespread concern. But under President Tinubu, borrowing has jumped to N49.8 trillion per year,” the party noted.
The ADC described the Tinubu administration’s borrowing pattern as a “calculated decision to mortgage the country’s future just to cover up the failures of today.”
Some have argued that Tinubu borrows less in dollars than Buhari, but the ADC replied that this is misleading due to the naira’s crash, which has increased the cost of loans.
“Tinubu’s foreign borrowing is about ₦25.5 trillion a year, far higher than Buhari’s ₦2.2 trillion,” the ADC added.
The party accused the National Assembly of failing to protect Nigerians by rubber-stamping every loan request without scrutiny.
“This constant borrowing without a clear plan or real results means future generations will pay for debts they didn’t benefit from,” the ADC stated.
The ADC is calling for full disclosure of all loans taken in the last 10 years, including amounts borrowed, interest rates, repayment plans, and how the funds were utilized.