ADC claimed that Tinubu’s government has borrowed more in two years than Buhari did throughout his eight-year tenure.
The African Democratic Congress (ADC) has lashed out at President Bola Tinubu over its reckless borrowing.
The party stated that Tinubu's excessive borrowing has surpassed
the record of former President Muhammadu Buhari and risks plunging the
nation into financial crisis.
In a statement released on Sunday and signed by the party’s
National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC claimed
that Tinubu’s government has borrowed more in two years than Buhari did
throughout his eight-year tenure.
The party also warned that Nigeria’s total debt could reach ₦200 trillion by the end of 2025 if the current trend continues.
The statement read:
“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.”
The statement cautioned that if the current borrowing trend
persists, Nigeria’s total debt may exceed N200 trillion before the end
of the year.
“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.”
The statement noted that while some argue Tinubu borrows less in dollars compared to Buhari, such claims are misleading.
It added: “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 N2.2 trillion. This shows we’re
sinking deeper into debt due to poor economic decisions.”
The ADC criticized the National Assembly for neglecting its
responsibility to safeguard Nigerians’ interests, accusing it of merely
endorsing every loan request without proper scrutiny or resistance.
“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.”
OR
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