The coalition party of the African Democratic Congress (ADC) has called out president Tinubu over his accumulated debts over the years in office.
Describing it as fiscal vandalism, the party alleged that the president is borrowing more than his predecessor, Late Muhammadu Buhari, and placing Nigeria on the edge of a financial disaster.
In a statement by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi on Sunday, the ADC Tinubu’s administration would possibly borrow up to N200 trillion before 2025 ends.
The statement read in part; “The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing. What Nigerians are witnessing, following the approval of a fresh $21 billion in foreign loans, is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today.
“Under President Buhari, Nigeria borrowed an average of N4.7 trillion per year, and even that caused widespread concern. But under President Tinubu, borrowing has jumped to N49.8 trillion per year. In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe.
“We are heading straight into a financial crisis, and those leading the country don’t seem to know how to stop. They keep borrowing money instead of finding smarter and more careful ways to fix the economy.
“Some say Tinubu borrows less in dollars than Buhari, but that’s misleading.
“This is because the naira has crashed, the loans now cost Nigeria much more. Tinubu’s foreign borrowing is about ₦25.5 trillion a year far higher than Buhari’s ₦2.2 trillion. This shows we’re sinking deeper into debt due to poor economic decisions.
“This constant borrowing without a clear plan or real results means future generations will pay for debts they didn’t benefit from. Despite all the loans, roads are bad, schools lack funding, hospitals are poorly equipped, and electricity is still unreliable. Nigerians want to know: what are these loans really for? Yet, the National Assembly keeps approving them without asking tough questions or defending the people.
“While other countries are working to reduce their debts, the APC keeps borrowing more. Even after the naira was devalued, which should have slowed borrowing, the government used it as a reason to take more loans.”
In addition , the ADC has called out Tinubu and his government to present full details of all the loans it has taken in the last 10 years.
The party requests detailed presentation of how much was borrowed, interest rates, repayment plans, and where the money went while it urged the president to reduce his borrowing and focus on developing the country with the ones he has borrowed.
