The African Democratic Congress Presidential Campaign Council (ADC-PCC) has condemned President Bola Ahmed Tinubu’s request for National Assembly approval to borrow an additional $20 billion and £1 billion, describing the move as a threat to Nigeria’s economic sovereignty and the future of generations yet unborn.
The council, in a statement, accused the Tinubu administration of pursuing an unsustainable borrowing policy amid rising living costs, increased taxation and economic hardship following the removal of fuel subsidies.
The Director of Media and Publicity of the ADC-PCC, Kola Ologbondiyan, said the fresh loan request raised serious questions about the government’s fiscal priorities and its accountability to Nigerians.
Ologbondiyan questioned the purpose of the proposed borrowing, demanding explanations on the utilisation of previous loans and the savings reportedly generated from fuel subsidy removal.
“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” he said.
He also queried why the Federal Government was seeking additional foreign loans while millions of Nigerians continued to grapple with worsening economic conditions.
According to the ADC-PCC, continued borrowing without transparent accounts of previous funds and demonstrable improvements in citizens’ welfare could push the country deeper into a debt trap.
The council argued that an economic strategy driven primarily by borrowing and increased taxation, without corresponding improvements in productivity, infrastructure, employment and living standards, was unsustainable.
It warned that excessive dependence on foreign creditors could increase debt-servicing obligations, limit the policy options available to future administrations and undermine Nigeria’s economic independence.
“This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn,” Ologbondiyan stated.
He maintained that the government must explain how the proposed loans would translate into productive investments, economic growth and improved living conditions for Nigerians.
The ADC-PCC further insisted that the economic sacrifices demanded of citizens must be matched by transparency and accountability in the management of public resources.
“The sovereignty of Nigeria must not be compromised by fiscal recklessness. Our national assets, economic independence and the welfare of future generations must not become casualties of an endless borrowing spree,” Ologbondiyan said.
The council consequently called on the National Assembly to subject the proposed borrowing to rigorous scrutiny and reject it unless the Federal Government provides convincing evidence of its necessity, sustainability and expected benefits to Nigerians.
