ADC Accuses Tinubu of Mortgaging Nigeria's Future with $20 Billion Loan Request
The African Democratic Congress Presidential Campaign Council (ADC-PCC) has strongly condemned President Bola Tinubu's request to the National Assembly for approval to secure an additional $20.52 billion and €1.045 billion in foreign loans. The party labeled the move as "reckless, unconscionable, and a dangerous step towards Nigeria's economic recolonisation," asserting that it risks mortgaging the future of Nigeria and generations to come [2, 3, 4].
In a statement released on October 27, 2026, the ADC-PCC highlighted that this fresh borrowing request comes at a time when Nigerians are already grappling with the severe consequences of the administration's economic policies. These include soaring living costs, increased taxation, and the removal of fuel subsidies, which have led to worsening economic hardship for millions [2, 4, 5].
The ADC-PCC questioned the necessity of the additional loans, demanding full transparency regarding the utilization of previous borrowings and the revenue generated from the removal of fuel subsidies [2, 3, 5]. They called for a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, along with a detailed breakdown of how subsidy removal savings have been applied [4, 5].
Former Vice President and ADC presidential candidate, Atiku Abubakar, echoed these concerns, stating that Tinubu's request vindicates his earlier warning on October 12 about a potential $20 billion loan plan, particularly in connection with the Lagos-Calabar Coastal Highway project [4, 6, 7, 8]. Abubakar alleged that the failure to provide specific project details—such as costs, locations, and contractors—raises serious questions about transparency and the potential for borrowed funds to be diverted for political campaigns or to favored contractors, especially given the highway's rerouted inland path [4, 6].
The ADC-PCC urged the National Assembly to exercise its oversight responsibilities rigorously. They called on lawmakers to reject the loan proposal unless the Federal Government provides compelling evidence of its necessity, sustainability, and tangible benefits to Nigerians [4, 5]. The council stressed that borrowing should be tied to clearly defined national priorities with transparent expenditure and measurable outcomes, warning that continued opaque and unsustainable borrowing could deepen Nigeria's debt burden and constrain future governments [2, 4, 5].
President Tinubu, in a letter read by Senate President Godswill Akpabio, sought legislative approval for these facilities under the Federal Government's 2026–2027 Supplementary External Borrowing Plan, arguing that external financing is necessary to address the country's infrastructure deficit and fund critical development projects [7]. However, the specific breakdown of projects, loan terms, and repayment arrangements were not provided in the initial request [3].
In a statement released on October 27, 2026, the ADC-PCC highlighted that this fresh borrowing request comes at a time when Nigerians are already grappling with the severe consequences of the administration's economic policies. These include soaring living costs, increased taxation, and the removal of fuel subsidies, which have led to worsening economic hardship for millions [2, 4, 5].
The ADC-PCC questioned the necessity of the additional loans, demanding full transparency regarding the utilization of previous borrowings and the revenue generated from the removal of fuel subsidies [2, 3, 5]. They called for a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, along with a detailed breakdown of how subsidy removal savings have been applied [4, 5].
Former Vice President and ADC presidential candidate, Atiku Abubakar, echoed these concerns, stating that Tinubu's request vindicates his earlier warning on October 12 about a potential $20 billion loan plan, particularly in connection with the Lagos-Calabar Coastal Highway project [4, 6, 7, 8]. Abubakar alleged that the failure to provide specific project details—such as costs, locations, and contractors—raises serious questions about transparency and the potential for borrowed funds to be diverted for political campaigns or to favored contractors, especially given the highway's rerouted inland path [4, 6].
The ADC-PCC urged the National Assembly to exercise its oversight responsibilities rigorously. They called on lawmakers to reject the loan proposal unless the Federal Government provides compelling evidence of its necessity, sustainability, and tangible benefits to Nigerians [4, 5]. The council stressed that borrowing should be tied to clearly defined national priorities with transparent expenditure and measurable outcomes, warning that continued opaque and unsustainable borrowing could deepen Nigeria's debt burden and constrain future governments [2, 4, 5].
President Tinubu, in a letter read by Senate President Godswill Akpabio, sought legislative approval for these facilities under the Federal Government's 2026–2027 Supplementary External Borrowing Plan, arguing that external financing is necessary to address the country's infrastructure deficit and fund critical development projects [7]. However, the specific breakdown of projects, loan terms, and repayment arrangements were not provided in the initial request [3].
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