The African Democratic Congress (ADC) has strongly criticised the Federal Government’s move to secure a fresh $1.25 billion loan from the World Bank, describing Nigeria’s current economic direction as a “Ponzi economy.”
In a statement issued by the party’s National Publicity Secretary, Bolaji Abdullahi, the ADC questioned why the administration of President Bola Tinubu continues to seek new loans despite the country’s growing debt burden, estimated at about ₦159.28 trillion.
The opposition party alleged that the government was relying on fresh borrowing to service existing debts while Nigerians continue to face worsening economic hardship, rising inflation, unemployment, insecurity, and business closures.
According to the ADC, the continuous accumulation of debt has not translated into meaningful improvement in the living conditions of ordinary citizens.
The party also accused the National Assembly of failing in its oversight responsibility by allegedly approving repeated borrowing requests without sufficient scrutiny.
“The ADC is deeply alarmed by the Tinubu administration’s latest move to seek another fresh $1.25 billion World Bank loan,” the statement noted.
The party further argued that Nigerians are enduring severe economic difficulties despite major policy decisions such as fuel subsidy removal, naira devaluation, and increased electricity tariffs, which were introduced with promises of long-term economic recovery.
ADC maintained that rather than improving the economy, the policies have intensified the cost-of-living crisis across the country.
The opposition coalition also expressed concern over the amount projected for debt servicing in 2026, claiming that huge portions of national revenue that should fund infrastructure, healthcare, education, agriculture, and job creation may instead be used to repay creditors.
The party criticised what it described as the repeated introduction of different loan programmes under various names, including ARMOR, RESET, HOPE, and SPIN, alleging that they represent continued borrowing without measurable impact on citizens’ welfare.
ADC insisted that a responsible government should utilise borrowing to strengthen industries, improve electricity supply, expand transportation, create employment, and stimulate economic growth that citizens can directly feel.
