The African Democratic Congress (ADC) coalition has raised the alarm over what it calls President Bola Tinubu’s government’s reckless borrowing, describing it as “fiscal vandalism” that could push the country’s debt beyond N200 trillion.
The party noted that Tinubu’s reckless borrowing is mortgaging the nation’s future.
Bola Abdullahi, spokesperson for the ADC, in a statement on Sunday said, “The African Democratic Congress (ADC) has expressed outrage 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.”
“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,” he stated.
Condemning Tinubu’s “dangerous obsession with borrowing,” the ADC spokesperson said, “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.”
“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 ADC spokesperson lamented that “debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped and electricity supply are as poor as ever.
“So, what exactly are these loans used for? This is the question that Nigerians expect the National Assembly to ask. Instead, it has continued to approve these loans without asking the hard questions, without demanding a plan, and without standing up for the Nigerian people.”
According to him, the African Democratic Congress demands a full disclosure of all loan agreements signed over the past ten years by the APC and the Tinubu government.
“Nigerians, have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.
“We also call on President Tinubu to put an end to this fiscal recklessness, and focus instead on meaningful reform, by investing wisely, and spending responsibly.
“The era of borrowing to cover policy failures must come to an end,” Abdullahi said.
