Politics

ADC Slams Tinubu Over Mounting Debts, Demands Audit

Published

4 months ago

July 27, 2025

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.

“What Nigerians are witnessing, following the approval of a fresh $21 billion in foreign loans, is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today,” the party stated.

Citing official data, the ADC argued that under former President Muhammadu Buhari, the country borrowed an average of N4.7trn annually.

However, borrowing under the Tinubu administration has skyrocketed to N49.8trn per year.

“In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe,” the statement said.

“At this rate, Nigeria’s total public debt will crash through N200trn before the end of the year. We are speeding toward a financial cliff, and those in charge seem to have no brakes.”

While defenders of the Tinubu government have claimed the current borrowing figures appear smaller in dollar terms—$1.7bn annually compared to Buhari’s $4.15 billion—the ADC dismissed such arguments, pointing instead to the devastating impact of currency devaluation.

“With the naira now in free fall, again thanks to this administration’s poor policy choices, these same loans are costing the country far more,” the statement read.

“When converted to naira, Tinubu’s foreign borrowing amounts to N25.5trn every year, more than Buhari’s annual average of N2.2trn.”

The opposition party claimed that since the APC assumed power in 2015, Nigeria’s public debt has ballooned from N12.6trn to over N149trn in 2025, with over $35bn borrowed from external lenders alone in the last decade.

“Our debt to the World Bank has tripled. What we owe in Eurobonds has grown eleven times over. And now, this government wants to borrow even more, pushing our foreign debt ceiling to $67bn.”

The ADC expressed concern that this growing mountain of debt has not translated into improved infrastructure or services.

“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped, and the electricity supply is as poor as ever. So, what exactly are these loans used for?” it queried.

“This is the question that Nigerians expect the National Assembly to ask. Instead, it has continued to approve these loans without asking the hard questions, without demanding a plan, and without standing up for the Nigerian people.”

The party cited data from the Association of Small Business Owners of Nigeria to further highlight the impact of excessive borrowing, saying small businesses now struggle to access credit, while investors are losing confidence and leaving the market.

“And because over 60 per cent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits.”

The ADC also faulted the government for borrowing more even after the recent naira devaluation, arguing that such a move should ordinarily reduce the need for external loans.

Consequently, the party demanded full transparency regarding all loans taken since 2015.

“The ADC hereby demands a full disclosure of all loan agreements signed over the past ten years by the APC and the Tinubu government. Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans.”

It further urged President Tinubu to end what it called “fiscal recklessness” and focus instead on meaningful economic reforms.

“We also call on President Tinubu to put an end to this fiscal recklessness and focus instead on meaningful reform by investing wisely and spending responsibly. The era of borrowing to cover policy failures must come to an end,” the statement concluded.

Efforts to get the reactions of Tinubu’s Special Adviser on Information, Bayo Onanuga and the Special Adviser to the President on Policy Communication, Daniel Bwala, were unsuccessful.

As of the time of filing this report, they could still not be reached.

Politics

BREAKING: Nigerian Senate Approves Tinubu’s N1.15tn Loan Request

Published

2 days ago

November 12, 2025

Editor

The Nigerian Senate has approved the request of President Bola Tinubu to raise N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.

This comes after the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.

According to the committee, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the N54.74 trillion initially proposed by the Executive.

The expansion created a total budget deficit of N14.10 trillion. Of this, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).

In a related development, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to intensify its oversight to ensure that the borrowed funds are properly implemented in the 2025 fiscal year and used strictly for their intended purposes.

Recall that President Tinubu had on November 4th requested the approval of the National Assembly for a fresh N1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.

The President’s request was conveyed in a letter. According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.

Politics

Agege LG Chairman Resigns

Published

1 week ago

November 5, 2025

Editor

Agege Local Government
Mr. Tunde Azeez Disco has stepped down as the Executive Chairman of Agege Local Government, citing persistent health challenges as the reason for his resignation.

The former chairman submitted his resignation letter to the Agege Local Government Legislative Arm.

He noted that his health status had significantly impacted his ability to effectively discharge his official duties.

The legislative house, while acknowledging Azeez Disco’s dedication to public service, quickly accepted the decision. Following a thorough deliberation, a unanimous resolution was passed, accepting the resignation with immediate effect.

The council wished the outgoing chairman well in his future endeavours, with the event underlining the necessity for public officials to prioritise personal health and well-being.

Ganiyu Obasa, son of the Speaker, Lagos State Assembly, Mudashiru Obasa, is the Vice chairman of Agege Local Government.

In May, residents of Agege, under the banner of the Presidential Campaign Council (PCC), called on President Bola Tinubu to intervene in the local government election in Agege.

They claimed that Obasa allegedly plans to foist his surrogates as candidates in the local government and councillorship elections.

In a meeting held in response to the announcement of candidates for the chairmanship and vice-chairmanship of the Agege Local Government and Orile-Agege Local Council Development Area (LCDA), the aggrieved residents alleged that those shortlisted as candidates to represent the area were handpicked by Obasa.

They said the process was void of internal democracy and collective participation.

Addressing the media, Kamardeen Sabitu, chairman of the PCC for Agege and Orile-Agege, alleged that Obasa did everything possible to manipulate the political structure in the area for personal gain.

During the protest, demonstrators carried placards reading “Red Card, Obasa O to ge, (it is enough). They also chanted songs such as “Enough is Enough, this suffering is enough, Tinubu, rescue us.”

Politics

JUST IN: Reps In Rowdy Session, Reject Key Motions

Published

1 week ago

November 4, 2025

Editor

The plenary session of the House of Representatives on Tuesday turned rowdy after members voted against some motions of urgent public importance, which bordered on the protection of lives and key government assets.

With the Deputy Speaker, Benjamin Kalu, presiding, the session became rowdy, as members dissolved into a closed-door session to restore order.

It all started when the member representing Somolu Federal Constituency, Lagos State, Ademorin Kuye, drew the attention of his colleagues to what he called the illegal allocation of lands within the Lagos International Trade Fair Complex and prayed the House to refer the matter to the Committee on Public Assets for investigation.

Kuye, a member of the All Progressives Congress is the Chairman of the House Committee on Public Assets.

Proposing an amendment to the prayers, Delta lawmaker and Chairman, House Committee on Rules and Business, Francis Waive, argued that though the matter brought before the Green Chamber is urgent enough, the Committee on Commerce, not Public Assets, should be in charge of the investigation.

Waive was supported by Akwa Ibom lawmaker, Mark Esset, who argued that “It is the Committee on Commerce that should take responsibility on this matter.”

On the other hand, Yusuf Gagdi representing Pankshin/Kanke/Kanam Federal Constituency, Plateau State, supported Kuye, stating that the Public Assets Committee should be allowed to take charge of investigating the allegation of illegal land sale and submit a report to the House.

With no end to the back-and-forth argument in sight, Gbefwi Gaza (SDP, Nasarawa) on the advice of Kalu, proposed the constitution of an Ad-hoc Committee comprising members of both Committees (Public Assets and Commerce) to conduct the probe.

When subjected to a voice vote, almost an equal number of lawmakers voted in support and against the motion.

Not sure whose voices were louder, Kalu gave it to the nays, sparking unrest in the chamber.

Next on the order of urgent motions was Mohammed Bio representing Baruten/Kaima Federal Constituency, Kwara State.

Bio who lamented the worsening security situation in his constituency, prayed the House to urge the military to establish a base in the crisis-prone areas to stem the tides of attacks.

This time, more lawmakers voted against the motion, to the surprise of Kalu and the Kwara lawmaker.

It became clear to Kalu that members had resolved to frustrate the day’s session owing to the rejection of Kuye’s motion.

So, when again voices thundered against Ayodeji Alao-Akala’s motion which drew members’ attention to the need to address Nigeria’s description as a “Country of Particular Concern” by the United States President, Mr Donald Trump; Kalu allowed the motion to pass, forcing members to openly oppose the decision.

Voices of dissent rent the chambers and the plenary was suspended for a closed-door session.

…Details later