ADC Faults FG’s Approval of N1.15trn Domestic Loan, Warns of Mounting Debt Crisis

The African Democratic Congress, ADC, has criticised the Federal Government over its recent approval of N1.15 trillion in domestic borrowing, describing the decision as reckless and inconsistent with President Bola Ahmed Tinubu’s claims of improved revenue performance.

In a statement issued on Thursday and signed by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused the Tinubu administration of worsening Nigeria’s debt burden despite boasting about meeting non-oil revenue targets.

The party warned that if all of the President’s 2025 borrowing requests are approved, the country’s total public debt could increase by N40.61 trillion, pushing the national debt stock to an estimated N193 trillion.

According to the Debt Management Office, DMO, Nigeria’s public debt as of June 30, 2025, stood at N152.4 trillion — comprising N80.55 trillion in domestic borrowing and N71.85 trillion in external debt.

The ADC noted that the new loan approval contradicts earlier government assurances that domestic borrowing would be reduced due to improved revenue inflows.

“Only a few months ago, the President declared that Nigeria had generated N20.59 trillion in non-oil revenue by August 2025. Yet here we are, watching this government take a contradictory and irresponsible detour from its own stated policy direction,” the statement read.

The party expressed concern that the Federal Government continues to accumulate debt while Nigerians grapple with rising prices and economic hardship.

“Headline inflation may be reported at 18.02 percent and food inflation at 16.87 percent as of September 2025, but in the markets, prices continue to soar. Nigerians are experiencing economic suffocation, not relief,” it added.

The ADC called on President Tinubu to ensure transparency and accountability in fiscal management.

It demanded an immediate halt to all non-essential borrowing, full disclosure of 2025 revenue inflows and debt disbursements, independent verification of non-oil revenue claims, and the establishment of a legally binding debt ceiling.

The party warned that unchecked borrowing risks plunging the nation further into economic distress.

“Nigerians are watching as our collective future is being mortgaged. We cannot borrow our way out of a crisis fuelled by economic incompetence,” the statement concluded.