The African Democratic Congress on Thursday criticised President Bola Tinubu’s administration over its fresh ₦1.15tn domestic borrowing approval, accusing the government of “reckless debt accumulation wrapped in propaganda.”
The criticism, contained in a statement issued by the party’s National Publicity Secretary, Bolaji Abdullahi, came barely 24 hours after the Senate approved Tinubu’s request to raise the fund from the domestic market to finance the remaining shortfall in the 2025 national budget.
The ADC described the borrowing as “a contradiction of Tinubu’s own claims” that Nigeria had met and surpassed its non-oil revenue targets, reportedly generating ₦20.59tn in the first eight months of 2025.
“The latest approval by the National Assembly of ₦1.15tn in fresh domestic borrowing by the APC-led Federal Government exposes the contradictions and dangerous fiscal trajectory of President Bola Ahmed Tinubu’s administration,” the statement read.
“Only a few months ago, the President himself declared that Nigeria had met and surpassed its non-oil revenue targets. Yet here we are again, watching this government take a contradictory and irresponsible detour from its own stated policy direction,” Abdullahi added.
The opposition party warned that if all of Tinubu’s loan requests for 2025 were approved, Nigeria’s total public debt could rise by ₦40.61tn to a staggering ₦193tn, citing verified figures from the Debt Management Office.
“A government that claims to have hit record-breaking revenue should not be borrowing. The APC-led government is suffering from a worsening case of economic policy schizophrenia, where the left hand borrows blindly while the right hand issues press statements about fiscal prudence,” the statement continued.
The ADC also faulted the ruling party for deepening the debt crisis at a time when many Nigerians were struggling with inflation and rising living costs.
“Make no mistake, Nigerians are not experiencing statistical relief — they are experiencing economic suffocation,” it said.
Calling for urgent fiscal discipline, the party urged civil society organisations, the international financial community, and citizens to demand a freeze on non-critical loans, a full publication of all 2025 revenue inflows and disbursements, and a legally binding debt ceiling “to prevent further abuse of the national purse.”
“President Tinubu must come clean to the Nigerian people. You cannot say revenue has improved and still insist on borrowing more than any administration in Nigeria’s history,” the statement concluded.
On Wednesday, the Senate approved Tinubu’s request to raise ₦1.15tn in domestic debt to fund the unfunded portion of the 2025 budget deficit.
The approval, following the adoption of a report by the Senate Committee on Local and Foreign Debt chaired by Senator Wamakko Magatarkada Aliyu (APC, Sokoto North), completes the government’s deficit-financing plan for the fiscal year.
The committee explained that the 2025 Appropriation Act provides for a total expenditure of ₦59.99tn—an increase of ₦5.25tn from the initial ₦54.74tn proposal—creating a ₦14.10tn deficit.
Of this, ₦12.95tn had already been approved for borrowing, leaving the ₦1.15tn gap now covered by the latest approval.
Lawmakers defending the move, including Senators Sani Musa, Adetokunbo Abiru, and Adams Oshiomhole, argued that the borrowing was necessary to sustain fiscal stability and fund critical projects.
However, the move has drawn sharp criticism from opposition parties and economists who warn that continued borrowing under Tinubu could push Nigeria’s debt burden toward unsustainable levels.
PUNCH.
