The African Democratic Congress (ADC) has condemned the Federal Government’s recent approval of N1.15 trillion in domestic borrowing.
The party called it reckless and contradictory to President Bola Ahmed Tinubu’s earlier claims about Nigeria’s revenue performance.
In a statement signed by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi on Thursday, the ADC accused the Tinubu administration of deepening the country’s debt crisis despite boasting that non-oil revenue targets had been met.
The party noted that if all of President Tinubu’s 2025 loan requests are approved, Nigeria’s total public debt could rise by N40.61 trillion, bringing the national debt stock to N193 trillion.
According to figures from the Debt Management Office, as of June 30, 2025, Nigeria’s debt already stood at N152.4 trillion, with N80.55 trillion in domestic debt and N71.85 trillion in external liabilities.
The ADC said the approval of new loans contradicts earlier assurances from the government that domestic borrowing would be phased out due to improved revenue generation.
“Only a few months ago, the President declared that Nigeria had generated N20.59 trillion in non-oil revenue by August 2025. Yet here we are again, watching this government take a contradictory and irresponsible detour from its own stated policy direction,” the party said.
The opposition party also expressed concern that the loans are being pushed through while ordinary Nigerians continue to struggle with high inflation and rising living costs.
“Headline inflation may be reported at 18.02 percent and food inflation at 16.87 percent as of September 2025, but in the markets, prices continue to soar. Nigerians are experiencing economic suffocation, not relief,” the statement added.
The ADC urged President Tinubu to provide transparency and accountability in fiscal management.
“We call for an immediate freeze on non-critical new loan approvals. There should be a full publication of all revenue inflows and debt disbursements for 2025, an independent verification of non-oil revenue claims, and a legally binding debt ceiling to prevent abuse of the national purse,” Abdullahi said.
The party warned that continued borrowing without fiscal prudence threatens the country’s economic future.
“Nigerians are watching as our collective future is being mortgaged. We cannot borrow our way out of a crisis fuelled by economic incompetence,” the statement concluded.
