….Accuses NASS of abdicating oversight role in debt approvals
By James Adamu, Abuja
The African Democratic Congress (ADC) has raised deep concerns over Nigeria’s escalating public debt, now nearing N200 trillion, calling for greater transparency in how borrowed funds have been utilised over the past decade.
In a strongly worded statement, the opposition party questioned the sustainability of the current administration’s borrowing habits and demanded a full audit of all loans acquired since 2015.
“What Nigerians are witnessing is a reckless accumulation of debt with little to show for it,” said Mallam Bolaji Abdullahi, ADC’s National Publicity Secretary.
“Under President Buhari, Nigeria borrowed an average of N4.7 trillion yearly, but under President Tinubu, that figure has skyrocketed to nearly N50 trillion annually. If this continues, our children will inherit a crippling debt burden without the infrastructure or economic growth to justify it.”
The ADC’s remarks follow the National Assembly’s recent approval of an additional $21 billion in foreign loans, a decision the party described as “rubber-stamping fiscal irresponsibility.”
Abdullahi accused lawmakers of failing to scrutinise the government’s borrowing spree, stating, “The National Assembly has a duty to protect Nigerians from unsustainable debt, but instead, it has become a mere approval machine. Where is the oversight? Where is the accountability?”
A major point of contention is the exchange rate’s impact on debt repayment. While government supporters argue that President Tinubu’s borrowing in dollar terms ($1.7 billion per year) is lower than his predecessor’s ($4.15 billion), the ADC countered that naira devaluation has made repayments far costlier.
“When converted to naira, Tinubu’s foreign loans amount to N25.5 trillion yearly—more than ten times Buhari’s annual average of N2.2 trillion. This is not prudent economics; it is a debt trap worsened by poor policy choices”, Abdullahi noted.
The party highlighted that Nigeria’s total public debt has surged from N12.6 trillion in 2015 to over N149 trillion in 2025, with external borrowing alone exceeding $35 billion under the ruling All Progressives Congress (APC).
“Our World Bank debt has tripled, Eurobond debts have grown elevenfold, and now the government wants to push our foreign debt ceiling to $67 billion,” Abdullahi said. “Yet, our hospitals remain under-equipped, universities underfunded, and power supply unreliable. Nigerians deserve to know: where did all this money go?”, he asked.
The ADC also warned of the broader economic consequences, citing reports that over 60% of national revenue now services debt. “Small businesses are struggling to access credit, investors are losing confidence, and ordinary Nigerians are being taxed into hardship,” Abdullahi stated.
“While other nations are reducing their debt burdens, our government is borrowing more—even after a damaging naira devaluation that should have discouraged further external loans.”
In response, the party demanded full disclosure of all loan agreements from the past decade, including terms, interest rates, and beneficiaries.
“Nigerians have a right to know how these loans were spent and who ultimately benefited,” Abdullahi insisted. “We cannot keep borrowing without a clear repayment plan or measurable developmental impact.”
The ADC called on President Tinubu to shift focus from “borrowing to cover failures” to implementing “meaningful reforms, wise investments, and responsible spending.” The statement concluded with an appeal for restraint: “The era of fiscal recklessness must end. Nigeria’s future depends on sustainable economic policies, not endless debt accumulation.”
Discussion about this post