ADC detonated tinubu for the soaring debt, demanding a full disclosure of the loan agreement

The African Democratic Congress (ADC) has issued a spicy criticism of the economic policy of the Tinubu Bola President, accusing administration of encouraging Nigeria into a debt crisis that has never happened before what is described as “fiscal vandalism.”

The party criticism followed the new approval -this new assembly for foreign loans of $ 21 billion in addition.

In a statement on Sunday by the Secretary of its national publicity, Mallam Bolaji Abdullahi, ADC warned that the total country’s debt could exceed the N200 trillion by the end of 2025, with a few things that showed it.

“What Nigerians witnessed, following the approval of $ 21 billion in $ 21 foreign loans, not a decision that was calculated to mortgage the future of the country only to cover up today’s failure,” the statement said.

Quoting official data, ADC claims that while Muhammadu Buhari’s administration borrowed an annual N4.7 trillion annual data, loans under Tinubu have jumped to N49.8 trillion per year.

“In just two years, this government has borrowed more than ten times what is borrowed in the same period. At this level, the total Nigerian public debt will fall through the N200 trillion before the end of the year. We advance towards the financial cliffs, and those who are responsible do not seem to have brakes,” the party stated.

While some government defenders argue that the numbers remain lower in the dollar – $ 1.7 billion per year compared to $ 4.15 billion buhari – ADC rejects such a comparison, referring to the steep cost of currency devaluation under Tinubu.

“With Naira now in the free fall, once again thanks to the bad policy choices of this government, this same loan cost a far more country. When converted to Naira, Tinubu foreign loans amounted to N25.5 trillion every year, more than the annual average N2.2 trillion.”

The party also described a gloomy picture of the increasing external debt of Nigeria, which he said had burst from N12.6 trillion in 2015 to more than N149 Trillion in 2025, with more than $ 35 billion borrowed from international loans in the last decade.

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“Our debt to the World Bank has doubled. What we owe in Eurobond has grown eleven times. And now, this government wants to borrow more, pushing our foreign debt ceiling to $ 67 billion,” the statement said.

Apart from a surprising loan, ADC believes, infrastructure and basic services have seen a slight increase.

“Debt continues to increase, but infrastructure remains poor, universities still lack funds, hospitals are still not equipped, and electricity supply is as bad as before. So, what exactly is this loan used?”

The party criticized the National Assembly for acting as a rubber stamp, failed to question the purpose or impact of the loan that was approved consistently.

“This is a question that according to Nigeria the National Assembly asked. On the contrary, it continues to approve this loan without asking difficult questions, without demanding plans, and without defending the people of Nigeria.”

ADC further refers to data from the Association of Nigerian small business owners, noting that Spree loans have arrested small businesses, reducing investor confidence, and forcing the government to increase taxes on ordinary Nigerians.

“And because more than 60 percent of our national income is now used to serve debt, the government switches to ordinary Nigerian families and imposes taxes on their limits.”

The party questioned the logic of the increase in loans even after the large devaluation of the naira – economic steps, theory, reducing the need for foreign loans.

As a result, ADC demands full transparency in all loan transactions conducted since 2015.

“ADC hereby demands the full disclosure of all loan agreements signed over the past ten years by APC and the Tinubu government. Nigeria has the right to know the requirements, interest rates, payment schedules, and final loan recipients.”

The statement ended with a strong attraction to President Tinubu to stop what is called a careless fabric economic and vice versa implementing good financial reform.

“We also ask President Tinubu to end this fiscal carelessness and focus on meaningful reforms by investing wisely and spending responsibility.