ADC Accuses Tinubu of Borrowing Ten Times More Than Buhari

President Bola Ahmed Tinubu has borrowed more over ten times as much as former President Muhammadu Buhari in just two years, according to the African Democratic Congress (ADC).

It stated that there is no corresponding development or economic recovery to support the fresh wave of borrowing by President Tinubu, which is expected to push Nigeria’s public debt above N200 trillion before the year is out.

The party was outraged by what it calls “fiscal vandalism” by the Tinubu administration when the National Assembly approved another $21 billion in foreign loans.

ADC accused President Tinubu of going above and beyond what his predecessor had done by mortgaging the nation’s future in mountains of debt in the name of economic change, according to a statement released by its National Publicity Secretary, Mallam Bolaji Abdullahi.

Additionally, the party attacked the National Assembly for serving as a rubber stamp, claiming that MPs had neglected their responsibility to shield Nigerians from the effects of unmanageable debt.

What Nigerians are seeing after a new $21 billion in foreign loans were approved is nothing less than a calculated decision to mortgage the nation’s future in order to cover up today’s failures, the ADC said, expressing its deep concern over the Tinubu administration’s dangerous obsession with borrowing.

Even Nigeria’s average annual borrowing of N4.7 trillion under President Buhari raised serious concerns. However, under President Tinubu, annual borrowing has increased to N49.8 trillion.

Over the course of two years, this administration has borrowed over ten times as much as Buhari did during that same period. Nigeria’s overall public debt would surpass N200 trillion before the year is out if current trends continue. “Those in charge seem to have no brakes, believing they can borrow their way out of economic problems that require more thoughtful actions and greater fiscal discipline, and we are speeding toward a financial cliff,” ADC stated.

In comparison to Buhari’s $4.15 billion in annual borrowing, supporters of this government like to claim that Tinubu’s borrowing is smaller in dollars, at only $1.7 billion.

However, that reasoning breaks down as soon as we consider the currency rate. The government is paying significantly more for these same loans now that the naira is in free fall, once more as a result of this administration’s bad policy decisions. Compared to Buhari’s annual average of N2.2 trillion, Tinubu’s foreign borrowing totals N25.5 trillion annually when converted to naira. “What we are seeing is the expansion of a debt trap brought about by economic mismanagement and a currency collapse,” the party said.

The party went on to say that “our total public debt has grown from N12.6 trillion to over N149 trillion in 2025 since the APC took over in 2015.” The APC has borrowed more over $35 billion from external lenders alone in the past ten years. Our debt to the World Bank has tripled in just ten years, which is almost twelve times greater. The amount of Eurobonds we owe has increased tenfold. This government now wants to increase borrowing, bringing our foreign debt ceiling up to $67 billion.

Our children will be left to pay back debts they did not accrue or gain from as a result of this careless borrowing, which is done year after year without any intention of repaying it or making an attempt to spend it wisely.

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Although the debt has kept growing, infrastructure has remained inadequate, hospitals are still ill-equipped, universities are still woefully underfunded, and the electrical supply is still subpar. What precisely are these loans used for, then? Nigerians expect the National Assembly to raise this question. Rather than raising the difficult questions, requiring a strategy, or advocating for the Nigerian people, it has persisted in approving these loans.

Tinubu’s borrowing costs are already destroying the foundation of our economy, according to the Association of Small Business Owners of Nigeria. Credit for small enterprises is no longer available. Investors are withdrawing and losing faith. Additionally, the government is taxing regular Nigerian families more than they can afford because debt service now accounts for more than 60% of our national revenue.

“The recent devaluation of the naira should have reduced the need for external borrowing, but the government has treated it as an excuse to borrow even more,” the ADC said, echoing other nations’ efforts to cut their debts while the APC is taking out more loans.

The party has insisted that Nigerians have a right to know the conditions, interest rates, payment schedules, and ultimate recipients of all loan deals signed by the APC and the Tinubu administration during the previous 10 years.

ADC urged President Tinubu to stop this fiscal irresponsibility and instead concentrate on substantive transformation by making prudent investments and spending sensibly. It further stated that the days of borrowing to cover policy failures must end.