ADC Criticizes Tinubu's Administration Over Debt Accumulation

The African Democratic Congress (ADC) has accused President Bola Tinubu of operating a "Ponzi economy" due to the government's accumulation of loans. In a statement by Bolaji Abdullahi, the ADC criticized Tinubu's administration for seeking an additional $1.25 billion loan from the World Bank, shortly after the National Assembly approved another round of external borrowing.

Nigeria's total public debt has reportedly risen to ₦159.28 trillion, while the cost of food continues to escalate daily, and electricity tariffs have increased. The ADC highlighted that many businesses are shutting down, and millions of young Nigerians remain unemployed.

The party noted that ordinary Nigerians are burdened by this fiscal failure, as the government is expected to spend ₦11.6 trillion on debt servicing alone by 2026. This situation raises concerns about the allocation of funds that could have been used for critical sectors such as healthcare, education, and job creation.