By Our Correspondent
National News – The African Democratic Congress has criticised the administration of Bola Tinubu over Nigeria’s growing debt profile, accusing the Federal Government of relying heavily on borrowing while citizens face worsening economic hardship.
The opposition party made the remarks on Thursday following the government’s move to seek an additional $1.25bn loan from the World Bank after recent approvals for fresh external borrowing by the National Assembly.
The party’s National Publicity Secretary, Bolaji Abdullahi, said Nigeria’s public debt has risen to about N159.28tn, with inflation, unemployment, insecurity and rising living costs placing severe pressure on households and businesses nationwide.
He questioned why the government continues to borrow despite increasing poverty and economic struggles among Nigerians.
According to Abdullahi, food prices, electricity tariffs and operational costs for businesses have continued to rise, while the naira remains weak against major foreign currencies.
He described the situation as a “Ponzi economy,” alleging that new loans are being used to service existing debts instead of driving meaningful economic growth and development.
The ADC also expressed concern about Nigeria’s debt servicing obligations, noting that the Federal Government projected spending about $11.6bn on debt servicing in 2026.
The party argued that funds meant for infrastructure, healthcare, education, agriculture and security could instead be channelled toward paying creditors.
The opposition party further criticised the National Assembly, accusing lawmakers of failing to properly scrutinise borrowing requests before approval.
However, the Federal Government has defended its economic reforms and borrowing plans, insisting that the loans are tied to infrastructure projects, social intervention programmes and policies aimed at stabilising the economy after fuel subsidy removal and foreign exchange reforms.
Economic analysts say Nigeria’s debt burden has increased sharply due to new domestic and external loans, exchange rate depreciation and widening fiscal deficits, raising concerns about the nation’s long-term financial sustainability.
