The African Democratic Congress (ADC) has sharply criticised President Bola Ahmed Tinubu’s 2026 budget proposal, describing it as a “debt trap disguised as reform” and warning that it relies heavily on excessive borrowing and unrealistic revenue projections that could further mortgage Nigeria’s future.
In a statement issued on Monday by its National Publicity Secretary, Mr Bolaji Abdullahi, the opposition party said the ₦58.18 trillion 2026 Appropriation Bill entrenches what it called a pattern of fiscal irresponsibility under the Tinubu administration. The ADC argued that rather than addressing Nigeria’s worsening economic challenges, the proposed budget deepens the country’s fiscal crisis.
President Tinubu had on Friday presented the 2026 budget, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, to a joint sitting of the Senate and the House of Representatives. He expressed optimism about gradual economic recovery, pledging tighter fiscal controls and stating that the proposal was designed to build on recent macroeconomic improvements and deliver broad-based benefits to Nigerians.
However, the ADC dismissed these claims, insisting that the budget merely recycles what it described as failed and largely unimplemented proposals from the 2024 and 2025 fiscal years.
“The document presented before the National Assembly is a debt trap masquerading as a budget,” the party said. “With a projected deficit of ₦23.85tn and capital expenditure of ₦25.68tn, it is clear that almost every project is to be funded by high-interest borrowing.”
The party further criticised what it called opaque and reckless spending, warning that borrowing massively to fund non-productive expenditure places an unjust burden on future generations.
“It is one thing to waste current revenues, but it is an unpardonable sin to raise massive debts that bury our children under a mountain of obligations before they even enter the workforce,” the statement added.
The ADC accused the Tinubu-led APC government of fiscal chaos, alleging that it is attempting to run multiple national budgets simultaneously due to its inability to properly conclude previous budget cycles. According to the party, the recent repeal and re-enactment of the 2025 budget reflects deep administrative incompetence.
While criticising the government’s revenue assumptions, the ADC described projected figures as “fantasy”, noting that revenue targets rose from ₦20tn in 2024 to ₦40tn in 2025 and now ₦58.57tn in 2026 without corresponding improvements in productivity.
The party also faulted the oil benchmark of $64 per barrel, arguing that it ignores weakening global prices and increasing volatility. It warned that a deficit-to-revenue ratio of nearly 70 per cent signals fiscal insolvency.
“The fundamentals of this budget betray a total abandonment of revenue credibility and deficit management,” ADC said, noting that debt servicing costs are projected to rise from ₦12.63tn in 2024 to ₦15.52tn in 2026.
Concluding, the ADC said the administration appears trapped by its own propaganda and called for a radical shift in fiscal policy to rebuild an economy that serves citizens rather than creditors.
