ADC Reacts as Senate Backs Tinubu’s $21Bn Borrowing Plan, “10 Times Worse than Buhari”

ADC Reacts as Senate Backs Tinubu’s $21Bn Borrowing Plan, “10 Times Worse than Buhari”

  • The African Democratic Congress (ADC) heavily criticised the Bola Ahmed Tinubu-led administration, comparing it to Buhari's administration
  • ADC alleged that Tinubu surpassed his predecessor and mortgaged the country’s future in mountains of debts under the guise of economic reform
  • ADC national publicity secretary, Mallam Bolaji Abdullahi, spoke days after the Senate approved Tinubu's external borrowing plan of over $21 billion

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

The African Democratic Congress (ADC) has criticised what it described as “fiscal vandalism”, by President Bola Ahmed Tinubu's administration, following the approval of yet another $21 billion in foreign loans by the National Assembly.

ADC alleges Tinubu borrowed more than Buhari
Atiku-led coalition alleges President Tinubu has borrowed more than the late president Buhari in two years. Photo credit: Aso Rock Villa, Getty Image
Source: Getty Images

$21bn foreign loan: ADC tackles Tinubu

The party noted that the new wave of borrowing will drive Nigeria’s public debt beyond ₦200 trillion before the end of 2025, with no corresponding development or economic revival to justify it.

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In a statement signed by its national publicity secretary, Bolaji Abdullahi, the ADC accused President Tinubu of surpassing his predecessor by mortgaging the country’s future in mountains of debts in the name of economic reform.

As reported by Daily Trust, the party also slammed the National Assembly for acting as a rubber stamp, alleging that lawmakers had abdicated their duty to protect Nigerians from the consequences of unsustainable debt.

Atiku coalition blasts Tinubu's FG
Atiku Abubakar-led ADC coalition criticises Tinubu's government over $21bn external borrowing plan. Photo credit: Atiku Abubakar
Source: Facebook
“Supporters of this government like to argue that Tinubu’s borrowing is smaller in dollar terms, just $1.7 billion annually, compared to Buhari’s $4.15 billion. But that argument collapses the moment we look at the exchange rate.
"With the naira now in free fall, again thanks to this administration’s poor police choices, these same loans are costing the country far more. When converted to naira, Tinubu’s foreign borrowing amounts to N25.5 trillion every year, more than Buhari’s annual average of N2.2 trillion.

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"What we are witnessing is the deepening of a debt trap created by economic mismanagement and a collapsed currency,” the statement reads in part.

The opposition party said since the APC took over in 2015, Nigeria’s total public debt has grown from N12.6 trillion to over N149 trillion.

$21bn loan plan: ADC makes demand

Meanwhile, Legit.ng reported that Nigerian Senate approved President Bola Tinubu’s external borrowing plan of over $21 billion, anchoring the financial strategy for the 2025–2026 fiscal cycle.

The package included multi-currency loans and domestic bonds earmarked for key sectors like infrastructure, security, housing, and digital connectivity.

With $3 billion allocated for revitalising the Eastern Rail Corridor, lawmakers said the plan reflects national inclusiveness and aligns with global economic best practices.

However, the ADC demanded a full disclosure of all loan agreements signed over the past ten years, insisting that Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.

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Atiku slams Tinubu’s $24 billion borrowing plan

Legit.ng reported in May 2025 that former vice president Atiku Abubakar expressed concern over President Bola Tinubu's new borrowing plan of $21.54 billion, €2.19 billion, and ¥15 billion, totalling over $24 billion.

Atiku, in a statement, accused President Tinubu's government of mortgaging Nigeria’s future by taking too many loans.

The former VP said the decision to take new loans was not only reckless but also a dangerous move that threatened the future of citizens and generations yet unborn.

Proofreading by Funmilayo Aremu, copy editor at Legit.ng.

Source: Legit.ng

Authors:
Esther Odili avatar

Esther Odili (Politics and Current Affairs Editor) Esther Odili is a journalist and a Politics/Current Affairs Editor at Legit.ng with 6+ years of experience. She Holds OND and HND in Mass Communication from the Nigerian Institue of Journalism (NIJ), where she was recognized as the best student in print journalism in 2018. Before joining Legit.ng, Esther has worked with other reputable media houses, such as the New Telegraph newspaper and Galaxy Television. In 2024, Esther obtained a certificate in advanced digital reporting from the Google News Initiative. Email: esther.odili@corp.legit.ng.

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