ADC Criticizes Tinubu's Government Over New Loan

The African Democratic Congress (ADC) has condemned the Federal Government of Nigeria, led by President Bola Tinubu, for what it describes as a "Ponzi economy." This criticism follows the government's move to secure a $1.25 billion loan from the World Bank, despite Nigeria's public debt reaching approximately ₦159.28 trillion. Bolaji Abdullahi, the ADC's spokesperson, accused the administration of accumulating debt without visible improvements in the lives of ordinary citizens.

He questioned why the government continues to borrow trillions of naira while Nigerians are becoming poorer and facing rising food prices, unemployment, and business closures. The ADC expressed concern that the government's debt service obligations, projected at ₦11.6 trillion for 2026, would divert funds from essential sectors such as healthcare, education, and job creation.

Abdullahi criticized the government's borrowing policies, suggesting that they are merely a means to service old debts rather than foster economic recovery. The ADC also highlighted the adverse effects of recent economic policies, including the removal of fuel subsidies and the devaluation of the naira.