The African Democratic Congress, on Sunday, condemned what it described as the “fiscal vandalism” of President Bola Tinubu’s administration, following the National Assembly’s approval of an additional $21bn in foreign loans.
The party said the new borrowing spree could drive Nigeria’s public debt beyond N200trn by the end of 2025, without any visible economic gains to show for it.
In a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused Tinubu of accelerating Nigeria’s descent into a debt trap far worse than what the country experienced under his predecessor.
Citing official data, the ADC argued that under former President Muhammadu Buhari, the country borrowed an average of N4.7trn annually.