Tinubu’s foreign borrowing far higher than Buhari’s — ADC

The African Democratic Congress (ADC) has accused President Bola Tinubu’s administration of plunging Nigeria deeper into debt at a pace far exceeding that of his predecessor, the late Muhammadu Buhari, warning that the nation’s total debt stock could surpass ₦200 trillion before the end of 2025.

In a statement issued on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC described Tinubu’s borrowing record as “fiscal vandalism” and a “dangerous obsession,” claiming his government has borrowed more in two years than Buhari did in eight.

“Under President Buhari, Nigeria borrowed an average of ₦4.7 trillion per year, and even that sparked widespread concern,” the party noted.

“But under President Tinubu, borrowing has skyrocketed to ₦49.8 trillion annually. In just two years, this administration has borrowed more than ten times what Buhari did over the same period.”

The party expressed alarm over the recent approval of a fresh $21 billion in foreign loans, calling it a reckless move that mortgages the nation’s future to conceal present-day policy failures.

The ADC also pushed back against comparisons suggesting Tinubu’s borrowing is lower in dollar terms, arguing that the devaluation of the naira means the loans now carry a heavier cost burden.

“Tinubu’s foreign borrowing amounts to roughly ₦25.5 trillion per year, far exceeding Buhari’s ₦2.2 trillion,” the party said. “This shows we are sinking deeper into debt because of poor economic decisions.”

The ADC accused the National Assembly of abdicating its responsibility by rubber-stamping loan requests without scrutiny or accountability.

“Despite all these loans, the condition of critical infrastructure remains poor—roads are in disrepair, schools are underfunded, hospitals are poorly equipped, and electricity remains unreliable,” the statement said.

“Nigerians want to know: what are these loans really for?”

The opposition party called for a full public audit of Nigeria’s loan portfolio over the past decade, demanding details of all amounts borrowed, interest rates, repayment terms, and how the funds were spent.

It urged the Tinubu administration to immediately halt what it termed “reckless borrowing,” and instead focus on implementing meaningful reforms and prudent fiscal management.

“Borrowing to paper over bad policies must stop,” the ADC warned.

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