Ismaeel Aleem
The African Democratic Congress (ADC) has launched a scathing attack on President Bola Tinubu’s administration, accusing it of “fiscal recklessness” and “policy schizophrenia” following the National Assembly’s approval of a fresh N1.15 trillion domestic borrowing plan.
In a strongly worded press statement issued on Thursday, the ADC’s National Publicity Secretary, Mallam Bolaji Abdullahi, branded the borrowing spree a betrayal of the government’s own promises to phase out domestic loans and rely on improved revenue collection.
The opposition party highlighted what it described as glaring contradictions: President Tinubu had recently celebrated the collection of N20.59 trillion in non-oil revenue in the first eight months of 2025, a figure touted by government spokesmen as proof of economic competence , yet the administration continues to pile on debt at an unprecedented rate.
“If a government claims to have achieved record-breaking revenue, why is it still borrowing?” he asked, adding that, “the left hand borrows blindly while the right hand issues press statements about fiscal prudence.”
The ADC cited Debt Management Office figures showing Nigeria’s public debt stood at N152.4 trillion as of 30 June 2025, comprising N80.55 trillion domestic and N71.85 trillion external.
It warned that, if all 2025 loan requests are granted, an additional N40.61 trillion would push the total debt stock to a staggering N193 trillion.
The party accused the ruling All Progressives Congress (APC) of “borrowing against its own words” while ordinary Nigerians grapple with soaring living costs.
Although official statistics show headline inflation falling to 18.02 percent and food inflation to 16.87 percent in September, the ADC insisted citizens feel no relief in markets and shops.
Among its demands, the ADC called for an immediate freeze on non-critical new loans, full publication of 2025 revenue inflows and debt disbursements, independent verification of the government’s revenue claims, and the imposition of a legally binding debt ceiling.
“Nigerians are watching as our collective future is being mortgaged,” the statement concluded.
“We cannot borrow our way out of a crisis that is fuelled by economic incompetence.”
