Politics

ADC Slams Tinubu Over Mounting Debts, Demands Audit

Published

2 months ago

July 27, 2025

Editor

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

ADC Will Take Over Aso Rock, Lagos Govt House In 2027 — Aregbesola

Published

7 hours ago

September 13, 2025

Editor

The National Secretary of the African Democratic Congress (ADC), Ogbeni Rauf Aregbesola, has vowed that his party will unseat President Bola Tinubu and also take over Lagos state come 2027.

The former governor of Osun State made the pledge on Saturday, at an event where the leader of the Conscience Forum of the Labour Party (LP), Hon. Moshood Salvador, led members of the group to the African Democratic Congress (ADC).

The event which held in Lagos also marked the 25th anniversary of the Conscience Forum as a political group.

It had in attendance the National Secretary of the African Democratic Party, Ogbeni Rauf Aregbesola, leadership of the ADC in Lagos state, and wards and zonal leaders of the Conscience Forum from the 20 Local Government Areas and 37 LCDAs in the state.

Addressing the new members, Aregbesola commended the leadership, executives and members of the Conscience Forum while tasking them on the need to take over the seat of power in Abuja and Lagos in 2027 general elections.

He pledged that the ADC will produce the next president of the country while charging the new intakes not to relent in their efforts to changing Nigeria for the better.

He said, “I am happy to be a part of this gathering. I am also happy to receive you into the ADC folds. We are the only one that can make it difficult to take over wherever we are if the Conscience Forum, good looking people with highly cultured leadership can organized this kind of event to make a declaration for the ADC and follow the line enunciated by the leader, surely, Alausa is a sure ticket for all of us.

“With our resolve, it won’t be difficult at all to take over the seat of power. It’s a simple strategy of one getting ten and each of the ten will equally get ten. Its operation ten over ten. Once we are able to get this done, that’s the end of it. We will surely meet at the Aso Rock Villa and produce the next president of the country. Once again, I am happy to be here and we must not relax our efforts to change Nigeria.”

Speaking on the move to the ADC, Salvador said the problems confronting the Labour Party has shown that it is not a party for the future.

He said, “Today, we are marking the 25 anniversary of the Conscience Forum and at the same time, for a wise man or people of wisdom, we look back to what you’ve achieved and look forward to what we are aiming to become. Our members were in Labour Party and the problem of the Labour Party has shown that they have lost the future. Its no more a party of the future and that is why, we have to think of where next since we have the new wave and the formation of coalition of political party, for anyone that wants something good of its members, the best is to join the coalition.

“This is not just the ADC. The ADC being the symbol of the coalition and that is why Conscience Forum, being a political group with over 400, 000 members in Lagos will have to showcase our structure including our LGA and Ward officers and so on. This is necessary for them to know the size of the group they are taking in. We chose today being our 25th anniversary to declare for the ADC so that our members will now join the ADC at their various ward levels.”

Politics

2027: Details Of Jonathan, Peter Obi Meeting Emerge

Published

13 hours ago

September 13, 2025

Editor

Details have emerged regarding the recent closed-door meeting between former President Goodluck Jonathan and former presidential candidate Peter Obi.

The two leaders are reportedly discussing strategies for a unified front in the 2027 presidential election.

The meeting took place on Thursday, with Obi disclosing insights about the engagement on his Facebook and X accounts.

The meeting was a continuation of previous conversations between the two leaders over strategies for the 2027 race.

The National Coordinator of the OBIdient Movement, Dr Yunusa Tanko, confirmed this in a statement on Friday.

“They (Jonathan and Obi) have been friends for a long time. The meeting was for them to fraternise and discuss how to rescue Nigeria.

“But for us in the OBIdient Movement, it would be great if Jonathan remains the respected statesman he is known for. He has done his best as President, he is respected, and this is the time for him to support his brother,” Tanko told Daily Trust.

Tanko further alleged that some politicians were plotting to use Jonathan against Obi but maintained that the Obidient Movement would not allow such a plan to succeed.

“We are aware of such moves, but we strongly believe they will not succeed.

“Many Nigerians believe the next president should come from the South, and for fairness, the South East should get the chance. Peter Obi is the ideal candidate,” he added.

Politics

Tinubu’s Mandate Accomplished In Rivers — Ibas

Published

22 hours ago

September 13, 2025

Editor

Rivers State Administrator, Vice Admiral Ibok-Ete Ekwe Ibas (retd.), has stated that the mandate given to him by President Bola Ahmed Tinubu has been “sufficiently achieved” with the restoration of democratic governance at the grassroots.

Ibas made the remark on Friday at Government House, Port Harcourt, during the presentation of the report on the recently concluded local government elections by the Rivers State Independent Electoral Commission (RSIEC).

He recalled that Tinubu, on March 18, 2025, directed him to stabilise the state, re-establish its institutions, and return Rivers to full democratic governance following his appointment as sole administrator.

According to him, the successful conduct of the polls and the swearing-in of elected chairmen and councillors across the 23 local government areas marked the fulfilment of that mandate.

“Mr. President’s mandate to me was clear: to stabilise the state, create an enabling environment for the re-establishment of its institutions, and return Rivers State back to full democratic governance. With the successful conduct and swearing-in of local government chairmen and their councils, I believe we have decisively achieved the mandate that we were given,” Ibas stated.

He praised RSIEC for what he described as a credible and transparent election, noting that the exercise was free of harassment and voters freely expressed their choices.

Ibas added that the government would review the RSIEC report and issue a white paper in due course. He also commended his team, security agencies, and state officials for their contributions.

RSIEC Chairman, Dr Mike Odey, who presented the report earlier, described the election as a “historic achievement” for Rivers and the country. He stressed that it was organised, coordinated, and concluded within 30 days — an unprecedented record in Nigerian electoral history.