The African Democratic Congress Presidential Campaign Council (ADC-PCC) has accused President Bola Tinubu of setting the stage for Nigeria’s economic recolonisation through his request to the National Assembly for approval to borrow an additional $20 billion and £1 billion.
The council described the proposed borrowing as reckless and unconscionable, warning that excessive dependence on foreign loans could undermine Nigeria’s economic sovereignty and mortgage the future of generations yet unborn.
In a statement issued on Tuesday, the Director of Media and Publicity of the ADC-PCC, Kola Ologbondiyan, said the fresh borrowing request came at a time when millions of Nigerians were grappling with the effects of rising living costs, increased taxation and the removal of fuel subsidies.
The council expressed concern that the Tinubu administration continued to pursue additional loans without providing Nigerians with a transparent and convincing account of how previous borrowings and funds saved from subsidy removal had been utilised.
Questioning the rationale behind the proposed loans, Ologbondiyan said the government needed to explain the tangible benefits Nigerians had derived from its borrowing activities.
“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 questioned the whereabouts of funds saved from fuel subsidy removal and why the government was seeking additional foreign loans while millions of citizens struggled to survive.
“Where is the money saved from fuel subsidy removal? What happened to the previous loans? And why must the government return to the international credit market with another $20 billion and £1 billion when millions of Nigerians are struggling to survive?” he asked.
Ologbondiyan said the development raised serious questions about the administration’s fiscal priorities, economic direction and commitment to accountability.
According to him, Nigeria could not achieve sustainable development by accumulating foreign debts without a clear, measurable and transparent account of the benefits to its citizens.
“This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn. A country cannot continue to accumulate foreign debt without a clear, measurable and transparent account of the benefits accruing to its citizens,” he said.
The ADC-PCC further accused the President of imposing painful economic sacrifices on Nigerians while seeking additional loans without adequately explaining how resources already available to the government had been spent.
The council argued that an economic strategy driven primarily by borrowing and increased taxation, without corresponding improvements in productivity, infrastructure, employment and citizens’ welfare, could push the country deeper into a debt trap.
It warned that excessive dependence on foreign creditors could increase debt-servicing obligations, restrict the policy choices of future administrations and weaken Nigeria’s economic independence.
The council insisted that the Federal Government must demonstrate how the proposed borrowing would finance productive investments, stimulate economic growth and improve living standards rather than create additional liabilities for future generations.
“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 ADC-PCC consequently called on the National Assembly to subject the proposed borrowing to rigorous scrutiny and reject it unless the Federal Government provided compelling evidence of its necessity, sustainability and tangible benefits to Nigerians.
It also demanded that Tinubu publish a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, alongside a detailed breakdown of revenue realised from fuel subsidy removal and how the funds had been utilised.
The council further called for full disclosure of the purposes of the proposed loans, their interest rates, repayment periods, associated fees, conditions and any collateral or guarantees attached to the facilities.
It maintained that Nigerians had a constitutional and democratic right to know the financial obligations being incurred in their name and the implications for the country’s fiscal future.
“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” the statement noted.
The council also urged the National Assembly not to abdicate its oversight responsibilities, insisting that lawmakers must ensure that no borrowing arrangement exposed the country to unacceptable financial risks.
“Nigerians must not be compelled to pay indefinitely for loans whose purposes, terms and benefits remain unclear. Our country must not mortgage its future through opaque and unsustainable borrowing,” the ADC-PCC added.
