The African Democratic Congress (ADC) has launched a scathing attack on President Bola Ahmed Tinubu’s administration following the National Assembly’s approval of a fresh N1.15 trillion domestic borrowing request on Wednesday.
The opposition party described the latest loan approval as a glaring contradiction to the government’s earlier claims of improved revenue performance and its promise to reduce dependence on domestic loans.
Bolaji Abdullahi, National Publicity Secretary of the ADC, issued a statement on Thursday criticizing what he termed “policy inconsistency and fiscal recklessness” by the Tinubu-led government.
The Senate, on Wednesday, gave approval for the President to source the N1.15 trillion loan from the domestic debt market. The borrowing, which is tied to funding the deficit in the 2025 Appropriation Act, follows a budget expansion that pushed total expenditure to N59.99 trillion, creating a deficit gap of N14.10 trillion.
According to the Senate Committee on Local and Foreign Debt, which recommended the loan’s approval, N12.95 trillion had previously been approved for borrowing, leaving an unfunded shortfall of approximately N1.15 trillion.
However, the ADC questioned the rationale behind the fresh borrowing, pointing out that the administration had recently announced that Nigeria surpassed its non-oil revenue target for 2025. The government had claimed to have generated N20.59 trillion in non-oil revenue by August 2025.
“A government that claims to have hit record-breaking revenue should not be borrowing,” Abdullahi stated in the press release. He accused the administration of abandoning its earlier commitment to phase out domestic borrowing and reduce fiscal pressure on future generations.
The ADC spokesman also highlighted concerns about Nigeria’s ballooning debt profile. Citing figures from the Debt Management Office (DMO), he noted that Nigeria’s public debt stood at N152.4 trillion as of June 30, 2025, comprising N80.55 trillion in domestic obligations and N71.85 trillion in external liabilities.
The opposition party warned that if all of President Tinubu’s loan requests for 2025 are approved and disbursed, the nation’s total public debt could surge by N40.61 trillion, potentially reaching N193 trillion.
“This is reckless debt accumulation wrapped in propaganda,” Abdullahi declared. He criticized what he described as “economic policy schizophrenia” where the government simultaneously borrows heavily while issuing press statements about fiscal prudence.
The ADC also challenged the government’s inflation figures, noting a disconnect between official statistics and the economic reality facing ordinary Nigerians. While the administration claims headline inflation dropped to 18.02 percent and food inflation to 16.87 percent as of September 2025, the party argued that market prices tell a different story.
“Nigerians are not experiencing statistical relief. They are experiencing economic suffocation,” Abdullahi said, pointing to the rising cost of goods and services across the country since President Tinubu assumed office.
The opposition party called on civil society organizations, the international financial community, and Nigerian citizens to demand greater accountability from the President. Their demands include an immediate freeze on non-critical loan approvals, full publication of all revenue inflows and debt disbursements for 2025, independent verification of non-oil revenue claims, and the establishment of a legally binding debt ceiling.
The ADC concluded its statement with a stark warning to President Tinubu. “Nigerians are watching as our collective future is being mortgaged. The President must be reminded: we cannot borrow our way out of a crisis that is fueled by economic incompetence.”