The African Democratic Congress (ADC) has criticized the Bola Tinubu administration’s plan to secure a fresh $1.25 billion loan from the World Bank, warning that Nigeria is sliding deeper into a debt cycle without corresponding improvements in living standards.
In a statement by National Publicity Secretary Mallam Bolaji Abdullahi, the opposition party described the country’s economic path as a “Ponzi economy,” where new loans are used to service old debts while citizens face rising prices, unemployment, and insecurity.
The party questioned the rationale for continued borrowing, noting that the latest request comes weeks after the National Assembly approved another multi-billion-dollar external borrowing plan.
Nigeria’s total public debt now stands at about N159.28 trillion, the party said, yet households are cutting meals and businesses are shutting down amid food inflation, weak purchasing power, and rising electricity tariffs.
“At this point, Nigerians must ask a simple question: if this government keeps borrowing trillions of naira every few months, why are Nigerians getting poorer, and why is life getting harder for the majority?” the statement added.
The party pointed to projections that Nigeria could spend about $11.6 billion, roughly N15 trillion, on debt servicing in 2026 alone. It argued that such repayments would divert funds from roads, hospitals, schools, electricity, agriculture, and job creation.
The party also accused the administration of introducing new policy acronyms like ARMOR, RESET, HOPE, and SPIN to justify further borrowing without showing measurable impact. It said painful adjustments from subsidy removal, naira float, and tariff hikes have not translated into relief for citizens.
It further faulted the National Assembly for approving borrowing requests with little scrutiny, saying it had become a “rubber stamp.”
It warned: “Nigeria cannot continue mortgaging the future of unborn generations simply to keep the present administration politically afloat.”
