ADC Criticizes Nigeria's Rising Debt Under Tinubu

The African Democratic Congress (ADC) has criticized the Federal Government of Nigeria regarding the country's escalating debt burden, which has reached ₦159.28 trillion. The party's criticism follows the government's request for an additional $1.25 billion loan from the World Bank, which was approved by the National Assembly.

Bolaji Abdullahi, the ADC's public secretary, expressed alarm over the growing dependency on loans, warning that it exacerbates economic hardship for ordinary Nigerians. He questioned why the government continues to borrow trillions of naira while citizens face rising food prices, increased electricity tariffs, and a depreciating naira.

Abdullahi characterized the Tinubu administration's economic management as a "Ponzi economy," where new loans are used to service old debts, leading to a projected expenditure of $11.6 billion on debt servicing by 2026. The ADC urged the National Assembly to rigorously scrutinize borrowing requests instead of merely approving them, emphasizing that the government has failed to translate borrowed funds into visible improvements in citizens' lives.