According to the African Democratic Congress (ADC), President Bola Ahmed Tinubu has borrowed more than ten times as much as former President Muhammadu Buhari in just two years.
It claimed that without any corresponding growth or economic recovery to support it, President Tinubu’s recent borrowing spree will push Nigeria’s national debt over N200 trillion by the year’s end.
After the National Assembly approved another $21 billion in foreign loans, the party expressed outrage over what it calls “fiscal vandalism” by the Tinubu administration.
Mallam Bolaji Abdullahi, the ADC’s national publicity secretary, issued a statement accusing President Tinubu of going above and beyond what his predecessor had done by mortgaging the nation’s future in mountains of debt under the guise of economic reform.
The National Assembly was also criticized by the party for serving as a rubber stamp, claiming that parliamentarians had neglected their responsibility to shield Nigerians from the effects of unmanageable debt.
Following the approval of a new $21 billion in foreign loans, the ADC stated that it is extremely concerned about the Tinubu administration’s risky obsession with borrowing and that what Nigerians are seeing is nothing less than a calculated decision to mortgage the nation’s future in order to cover up today’s failures.
Nigeria borrowed an average of N4.7 trillion annually under President Buhari, and even that raised a lot of concerns. However, indebtedness has increased to N49.8 trillion annually under President Tinubu.
This administration has borrowed more than ten times as much in just two years as Buhari did during the same period. Before the year is out, Nigeria’s total public debt would surpass N200 trillion at present rate. ADC stated, “Those in charge seem to have no brakes, believing they can borrow their way out of economic problems that require more thoughtful actions and greater fiscal discipline. As a result, we are speeding toward a financial cliff.”
The party pointed out that supporters of this administration prefer to claim that Tinubu borrows less money each year—just $1.7 billion—than Buhari, who borrows $4.15 billion.
However, as soon as we examine the exchange rate, that reasoning breaks out. These same debts are costing the nation much more now that the naira is in free decline, once more as a result of this administration’s bad policy decisions. Tinubu borrows N25.5 trillion annually in foreign exchange, which is more than Buhari’s annual average of N2.2 trillion. The party noted, “What we are seeing is the expansion of a debt trap brought about by economic mismanagement and a collapsed currency.”
“Our total public debt has grown from N12.6 trillion to over N149 trillion in 2025 since the APC took over in 2015,” the party continued. In the last ten years of the APC, more than $35 billion has been borrowed from external lenders alone. In just ten years, our debt to the World Bank has tripled, which is over twelve times greater. We now owe eleven times as much in Eurobonds. This government now intends to increase borrowing, raising the cap on our foreign debt to $67 billion.
“This careless borrowing, which is done year after year without any intention of paying it back or making any attempt to put it to good use, will leave our children paying off debts they did not accrue or gain from.
Read Also: Presidency: No Northern Leader Today Matches Buhari’s Mass Appeal
“The debt has kept growing, but infrastructure has remained inadequate, hospitals are still ill-equipped, universities are still woefully underfunded, and the electrical supply is still subpar. What precisely are the purposes of these loans, then? Nigerians anticipate that the National Assembly will pose this query. Rather, it has persisted in authorizing these loans without raising difficult issues, requiring a strategy, or advocating for the Nigerian people.
The Association of Small Business Owners in Nigeria claims that Tinubu’s borrowing costs are already destroying the foundation of our economy. There is no longer any credit available to small firms. Investors are withdrawing as their confidence wanes. Additionally, because debt service now accounts for more than 60% of our national GDP, the government is taxing regular Nigerian families excessively.
“The recent devaluation of the naira should have reduced the need for external borrowing, but the government has treated it as an excuse to borrow even more,” the ADC said, adding that the APC is taking out additional loans while other nations are struggling to reduce their debts.
Insisting that Nigerians have a right to know the conditions, interest rates, repayment schedules, and ultimate recipients of the loans, the party has called for a complete disclosure of all loan agreements signed by the APC and the Tinubu administration during the previous 10 years.
The period of borrowing to cover policy failures must end, according to ADC, which urged President Tinubu to stop this fiscal irresponsibility and instead concentrate on substantive transformation by making prudent investments and spending sensibly.
