Table of Contents
- ADC's Criticism of the Administration
- Approval of Domestic Borrowing
- Contradictions in Revenue Claims
- Implications of Increased Debt
- Impact on Nigerians
The African Democratic Congress (ADC) has criticized President Bola Tinubu's administration for its recent approval of N1.15 trillion in domestic borrowing, accusing it of irresponsible debt accumulation cloaked in propaganda.
This statement was issued by the party's National Publicity Secretary, Bolaji Abdullahi, on Thursday in Abuja.
The announcement follows just one day after the Senate approved Tinubu's request to raise funds from the domestic market to cover the remaining shortfall in the 2025 national budget.
The opposition argues that this borrowing contradicts Tinubu's own assertions that Nigeria has met and exceeded its non-oil revenue targets, reportedly generating N20.59 trillion in the first eight months of 2025.
“The recent approval by the National Assembly for an additional N1.15 trillion in domestic borrowing by the APC-led Federal Government highlights the contradictions and perilous fiscal trajectory of President Bola Ahmed Tinubu’s administration.
“Just a few months ago, the President himself stated that Nigeria had met and exceeded its non-oil revenue targets. Yet here we are again, witnessing this government take a contradictory and irresponsible detour from its own declared policy direction,” the statement read.
The ADC warned that if all of Tinubu’s loan requests for 2025 were granted, Nigeria’s total public debt could increase by N40.61 trillion, reaching an alarming N193 trillion, based on verified data from the Debt Management Office.
Furthermore, the ADC criticized the ruling party for exacerbating the debt crisis at a time when many Nigerians are grappling with inflation and rising living costs.
Frequently Asked Questions
What is the ADC's stance on the recent borrowing approval?
The ADC criticizes the approval, labeling it as reckless debt accumulation and highlighting contradictions in the administration's claims about Nigeria's revenue.
How much is the recent borrowing approval?
The recent approval is for N1.15 trillion in domestic borrowing.
What are the potential implications of this borrowing?
If all borrowing requests are approved, Nigeria's total public debt could rise to N193 trillion, which poses significant financial risks.
