ADC Criticizes FG's New $1.25 Billion Loan Plan

The African Democratic Congress (ADC) has condemned the Nigerian government's intention to secure a new loan of $1.25 billion from the World Bank, describing the current economic situation as a "Ponzi economy." The ADC, represented by its spokesperson Mallam Bolaji Abdullahi, pointed out that Nigeria's total public debt has escalated to ₦159.28 trillion, while citizens continue to face rising food prices, unemployment, and business closures. The government’s recent borrowing strategy, aimed at servicing old debts, has left ordinary Nigerians struggling with worsening economic conditions.

Abdullahi questioned the rationale behind the government's continuous borrowing, noting that despite accumulating trillions in debt, the quality of life for Nigerians has deteriorated. He emphasized that funds meant for critical sectors like healthcare, education, and job creation are instead being diverted to pay creditors.

The ADC's statement reflects growing concerns over the fiscal policies of President Bola Tinubu's administration, which is also pursuing multiple external loans.