$21 billion in foreign loans under President Bola Tinubu, calling it “fiscal vandalism” and a step toward a deeper debt trap.
In a statement on Sunday, ADC National Publicity Secretary, Mallam Bolaji Abdullahi, warned that the new borrowing could push Nigeria’s public debt beyond N200 trillion by the end of 2025—with little to show in economic progress.
“This is a deliberate move to mortgage Nigeria’s future just to cover today’s failures,” the party said.
According to the ADC, Nigeria borrowed an average of N4.7 trillion annually under former President Muhammadu Buhari, but Tinubu’s administration has raised that figure to N49.8 trillion per year.
“In two years, this government has borrowed over 10 times what Buhari did in the same period,” it added.
The party also dismissed claims that current borrowing appears smaller in dollar terms, citing the free fall of the naira as a reason the loans now carry a much heavier burden.
“With current exchange rates, Tinubu’s $1.7bn annual borrowing equals N25.5 trillion, compared to Buhari’s N2.2 trillion yearly average,” the ADC noted.
The party said public debt has soared from N12.6 trillion in 2015 to over N149 trillion in 2025, with more than $35 billion borrowed externally in the last decade alone.
The ADC warned that Nigeria is “speeding toward a financial cliff” with no sign of restraint from the current leadership.