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The African Democratic Congress (ADC) has condemned the latest approval by the National Assembly of ₦1.15 trillion in fresh domestic borrowing for the Federal Government, describing it as yet another sign of what it called the “dangerous and self-contradictory fiscal trajectory” of President Bola Ahmed Tinubu’s administration.

In a statement issued by its National Publicity Secretary, Bolaji Abdullahi, the party said the development has exposed the “grand hypocrisy and unstable economic direction” of the APC-led government.

According to the ADC, the Tinubu administration cannot continue to bombard Nigerians with boastful declarations of economic success while secretly expanding the country’s debt burden through backdoor borrowing.

“A Government Speaking From Both Sides of the Mouth”

The ADC noted that only months ago, the President himself announced that Nigeria had surpassed its non-oil revenue targets, generating a staggering ₦20.59 trillion within the first eight months of 2025, numbers proudly paraded by his media team as evidence of effective economic management.

Simultaneously, the administration repeatedly promised that domestic borrowing would soon be phased out; a claim now contradicted by continuous loan requests.

“Yet here we are again,” the ADC lamented, “watching this government make a reckless detour from its own promises, submitting back-to-back loan requests totalling trillions of naira.”

A Debt Crisis in the Making

The party warned that Nigeria was marching toward an unprecedented debt explosion. Based on figures from the Debt Management Office (DMO), the ADC stated that if all of Tinubu’s loan requests for 2025 are approved, the country’s total public debt could balloon by ₦40.61 trillion, hitting an all-time high of ₦193 trillion.

Already, as of June 30, 2025, Nigeria’s debt stock stands at ₦152.4 trillion, comprising ₦80.55 trillion in domestic debt and ₦71.85 trillion in external liabilities.

“Let it be clearly stated: this is reckless debt accumulation wrapped in propaganda,” the statement read.

“Economic Policy Schizophrenia”

The ADC ridiculed the government’s celebration of record-breaking revenue generation, insisting that the numbers “don’t match reality.”

“A government that claims borrowing will end should not be returning to the National Assembly every other month with fresh loan requests,” Abdullahi said.

“It is economic policy schizophrenia—where the left hand borrows blindly while the right hand issues press statements about fiscal discipline.”

The party added that the APC-majority National Assembly has become a “rubber stamp conveyor belt for debt approvals,” even as ordinary Nigerians face intensifying hardship.

Inflation Claims vs Market Reality

The ADC also criticised the government’s insistence that inflation had dropped to 18.02% and food inflation to 16.87% as of September 2025.

“Go to any market in Nigeria,” the statement said. “Nothing has become cheaper since Tinubu came into office. Nigerians are not experiencing statistical relief—they are experiencing economic suffocation.”

ADC Demands Transparency, Accountability, and a Halt to New Loans

The ADC challenged President Tinubu to “come clean” about the true state of Nigeria’s finances, warning that no amount of propaganda can mask the fiscal contradictions of the administration.

“You cannot claim your house is in order while taking new loans to stop the roof from collapsing,” the party stated. “You cannot boast of improved revenue and still borrow more than any administration in Nigeria’s history.”

The party then made concrete demands:

1. An immediate freeze on all non-critical new loans.
2. Full publication of all revenue inflows and debt disbursements for 2025.
3. Independent verification of the government’s non-oil revenue claims.
4. A legally binding national debt ceiling to curb fiscal recklessness.

“We Cannot Borrow Our Way Out of This Crisis”

The ADC warned that Nigeria’s future is being mortgaged at an alarming pace, and that the consequences will be borne by generations yet unborn.

“Nigerians are watching as the nation is dragged deeper into avoidable debt,” the party declared.

“The President must be reminded: we cannot borrow our way out of a crisis created by economic incompetence.”

The ADC urged civil society organisations, the international finance community, and the Nigerian people to hold the government accountable before the country slips further into what it termed a “debt-induced national emergency.”