Demands transparency in all APC-era loan agreements
By; Arogbo-Ibe Voice Reporters
The African Democratic Congress (ADC) has slammed President Bola Ahmed Tinubu’s push for a fresh $21 billion foreign loan, describing it as an act of “fiscal vandalism” that threatens to plunge Nigeria deeper into an unsustainable debt crisis.
In a strongly worded statement issued by the party’s Interim National Publicity Secretary, Bolaji Abdullahi, the ADC raised alarm that the country’s total public debt could surpass ₦200 trillion before the close of 2025; with little to show in terms of infrastructural or economic development.
“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown eleven times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67 billion,” the ADC said.
Despite the mounting debts, the ADC lamented that public infrastructure remains in decay, public universities are grossly underfunded, hospitals are ill-equipped, and power supply remains unstable.
“So, what exactly are these loans used for?” the statement queried.
The party condemned the National Assembly for consistently approving loan requests without proper scrutiny or accountability, urging lawmakers to begin asking the “hard questions” Nigerians are demanding answers to.
According to the ADC, the pattern of excessive borrowing under the All Progressives Congress (APC) has accelerated under Tinubu’s leadership, dwarfing the figures seen during the Muhammadu Buhari administration.
“Under Buhari, Nigeria borrowed an average of ₦4.7 trillion yearly. Tinubu has already raised this to ₦49.8 trillion per year; over ten times the previous rate,” the party said.
“We are speeding toward a financial cliff, and those in charge seem to have no brakes.”
While some government officials argue that Tinubu’s loan figures appear smaller in dollar terms; $1.7 billion yearly compared to Buhari’s $4.15 billion; the ADC dismissed this narrative, highlighting the effect of a sharply weakened naira.
“With the naira now in free fall due to poor policy choices, these loans are costing Nigeria significantly more. Tinubu’s current foreign borrowing, when converted to naira, amounts to over ₦25.5 trillion annually; far above Buhari’s average of ₦2.2 trillion,” Abdullahi stated.
The ADC noted that since the APC took over in 2015, Nigeria’s public debt has ballooned from ₦12.6 trillion to over ₦149 trillion, with more than $35 billion sourced from external lenders.
Despite the astronomical rise in debt, the party expressed dismay at the lack of economic returns, stressing that the increased borrowing has not translated into visible development for citizens.
Citing data from the Association of Small Business Owners of Nigeria, the ADC said many small businesses are unable to access credit, while investor confidence continues to decline.
“Over 60% of our national income is now used to service debt. To stay afloat, the government is shifting the burden onto ordinary Nigerians, taxing them beyond their capacity.”
The party further criticized the Tinubu administration for resorting to external loans despite the naira’s devaluation — a situation that should ordinarily discourage foreign borrowing.
The ADC demanded that the federal government disclose all loan agreements signed under the APC since 2015, including interest rates, repayment terms, and recipient details.
“Nigerians deserve to know the truth about the debt profile of their country. There must be full disclosure of all agreements entered into on behalf of the people,” the statement read.
The party concluded by calling on President Tinubu to abandon his reliance on borrowing and instead embrace responsible economic policies.
“The era of borrowing to cover policy failures must come to an end. It is time to invest wisely, spend responsibly, and pursue meaningful reform.”
