By Onyeanya Ebere Immaculata
The African Democratic Congress (ADC), has criticized President Bola Tinubu’s administration for securing Senate approval to raise ₦1.15 trillion in domestic borrowing, calling it “reckless debt accumulation wrapped in propaganda.”
The statement, issued Thursday by ADC National Publicity Secretary Bolaji Abdullahi, came a day after the Senate approved the loan to cover a shortfall in the 2025 national budget.
The party argued the move contradicts government claims of exceeding non-oil revenue targets, reportedly generating ₦20.59 trillion in the first eight months of 2025.
“Only a few months ago, the President declared Nigeria had surpassed its non-oil revenue targets. Yet here we are, watching this government borrow irresponsibly,” Abdullahi said.
The ADC warned that approving all 2025 borrowing requests could push public debt to ₦193 trillion, worsening citizens’ struggles with inflation and high living costs.
It urged civil society, Nigerians, and the international financial community to demand a freeze on non-critical loans, full revenue disclosure, and a legally binding debt ceiling.
The Senate approved the ₦1.15tn loan to fund the remaining portion of the ₦14.10 trillion 2025 budget deficit.
Supporters argued the borrowing was necessary for fiscal stability and infrastructure funding, but the ADC and economists cautioned that continued borrowing risks unsustainable debt levels.
