The African Democratic Congress (ADC) has expressed concern over what it describes as “fiscal vandalism” by the Tinubu administration following the approval of yet another $21 billion in foreign loans by the National Assembly.
Its National Publicity Secretary, Mallam Bolaji Abdullahi in a statement issued Sunday lamented that this new wave of borrowing will drive Nigeria’s public debt beyond ₦200 trillion before the end of the year, with no corresponding development or economic revival to justify it.
The opposition party accused President Bola Tinubu of surpassing his predecessor by mortgaging the country’s future in mountains of debts in the name of economic reform.
Abdullahi noted: “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.
“At this rate, Nigeria’s total public debt will crash through N200 trillion before the end of the year.
“We are speeding toward a financial cliff, and those in charge seem to have no brakes, thinking they can borrow their way out of economic problems that require more thoughtful actions and greater fiscal discipline.”
The party also slammed the National Assembly for acting as a rubber stamp, saying lawmakers had abdicated their duty to protect Nigerians from the consequences of unsustainable debt.