Tinubu Accused of Mortgaging Nigeria's Future with Loans by ADC and Atiku
The African Democratic Congress (ADC) and former Vice President Atiku Abubakar have strongly criticized President Bola Tinubu's administration for its escalating borrowing, accusing the government of mortgaging Nigeria's future with a series of substantial loan requests. The criticisms come in response to recent requests made to the National Assembly for approval to borrow over $20 billion and €1 billion, in addition to existing national debt which stood at approximately N166.79 trillion as of June 30, 2026 [3, 4, 5, 8, 11, 13].
The ADC, through its Presidential Campaign Council (ADC-PCC), has condemned the borrowing as "reckless, unconscionable and a dangerous step towards Nigeria's economic recolonisation" [3, 12]. The party argues that the administration is pursuing an unsustainable borrowing policy that could lead to bankruptcy [6]. Concerns have been raised about the lack of transparency regarding the specific projects these loans are intended to fund, with fears that borrowed funds could be mismanaged or diverted [3, 9, 14]. The ADC has called for a full reconciliation of the debt, demanding details on existing liabilities, newly contracted loans, exchange-rate effects, repayments, and outstanding obligations [5, 8].
Atiku Abubakar has echoed these sentiments, stating that the President's loan requests vindicate his prior warnings about extensive borrowing plans [3]. He criticized the administration for its "addiction to loans," asserting that it serves to finance consumption and service existing debts rather than drive productive investment and development [10, 20, 23, 24]. Atiku highlighted the disconnect between increased government revenues and the persistent economic hardship faced by Nigerians, questioning where the promised gains from economic reforms and sacrifices have materialized [4, 5, 11].
Both the ADC and Atiku have urged the National Assembly to reject the loan requests until the Federal Government provides clear project details, costs, locations, and contractors, emphasizing that lawmakers should not sign a "blank cheque against Nigeria's future" [3, 8, 14, 25]. They argue that borrowing should be tied to clearly defined national priorities, transparent expenditures, and measurable outcomes, and that anything less is an injustice to the Nigerian people [3, 12].
The recent loan requests include $20.52 billion and €1.045 billion as part of the 2026-2027 external borrowing plan, intended to bridge infrastructure financing gaps and fund projects in sectors such as power, transportation, agriculture, healthcare, and education [9, 13, 19, 21]. Critics point out that these borrowing endeavors come despite the removal of fuel subsidies, which was expected to free up resources for development [17]. The ADC has also called for an explanation regarding a $12.4 billion gap in Nigeria's external accounts identified in a World Bank report, further fueling concerns about financial management [7].
Nigeria's total public debt has seen a significant increase, rising from approximately N49.85 trillion in March 2023 to N166.79 trillion by June 2026 [3, 4, 5, 8, 11, 13]. This escalating debt burden has raised concerns about the country's economic sovereignty and the potential to shift financial obligations to future generations [2, 12].
The ADC, through its Presidential Campaign Council (ADC-PCC), has condemned the borrowing as "reckless, unconscionable and a dangerous step towards Nigeria's economic recolonisation" [3, 12]. The party argues that the administration is pursuing an unsustainable borrowing policy that could lead to bankruptcy [6]. Concerns have been raised about the lack of transparency regarding the specific projects these loans are intended to fund, with fears that borrowed funds could be mismanaged or diverted [3, 9, 14]. The ADC has called for a full reconciliation of the debt, demanding details on existing liabilities, newly contracted loans, exchange-rate effects, repayments, and outstanding obligations [5, 8].
Atiku Abubakar has echoed these sentiments, stating that the President's loan requests vindicate his prior warnings about extensive borrowing plans [3]. He criticized the administration for its "addiction to loans," asserting that it serves to finance consumption and service existing debts rather than drive productive investment and development [10, 20, 23, 24]. Atiku highlighted the disconnect between increased government revenues and the persistent economic hardship faced by Nigerians, questioning where the promised gains from economic reforms and sacrifices have materialized [4, 5, 11].
Both the ADC and Atiku have urged the National Assembly to reject the loan requests until the Federal Government provides clear project details, costs, locations, and contractors, emphasizing that lawmakers should not sign a "blank cheque against Nigeria's future" [3, 8, 14, 25]. They argue that borrowing should be tied to clearly defined national priorities, transparent expenditures, and measurable outcomes, and that anything less is an injustice to the Nigerian people [3, 12].
The recent loan requests include $20.52 billion and €1.045 billion as part of the 2026-2027 external borrowing plan, intended to bridge infrastructure financing gaps and fund projects in sectors such as power, transportation, agriculture, healthcare, and education [9, 13, 19, 21]. Critics point out that these borrowing endeavors come despite the removal of fuel subsidies, which was expected to free up resources for development [17]. The ADC has also called for an explanation regarding a $12.4 billion gap in Nigeria's external accounts identified in a World Bank report, further fueling concerns about financial management [7].
Nigeria's total public debt has seen a significant increase, rising from approximately N49.85 trillion in March 2023 to N166.79 trillion by June 2026 [3, 4, 5, 8, 11, 13]. This escalating debt burden has raised concerns about the country's economic sovereignty and the potential to shift financial obligations to future generations [2, 12].
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