Nigeria on the Brink: Coalition ADC Warns of National Collapse as Tinubu's Debt Push Crosses ₦200 Trillion Line

 

The African Democratic Congress (ADC) has delivered a scathing critique of President Bola Tinubu’s handling of Nigeria’s economy, warning that the country is sliding into an irreversible debt trap. The party’s statement comes on the heels of the National Assembly’s recent approval of an additional $21 billion in foreign loans, a decision the ADC describes as reckless and destructive.

A storm is gathering over Nigeria’s financial landscape, and the ADC believes it is fueled by uncontrolled borrowing and poor fiscal strategy. The party's National Publicity Secretary, Mallam Bolaji Abdullahi, in a sharply worded statement issued on July 27, claimed that the Tinubu-led government has outpaced even the controversial borrowing record of former President Muhammadu Buhari.

According to the ADC, Nigeria’s total public debt now teeters dangerously close to ₦200 trillion. The party alleges that rather than solve the country’s economic challenges with smart policy and reform, the Tinubu administration has chosen to burden future generations with staggering levels of debt. Worse still, it asserts, there is no clear evidence that these loans have translated into real development.

Citing figures from recent years, the ADC paints a grim picture. Under Buhari, the country borrowed an average of ₦4.7 trillion annually. In contrast, Tinubu’s administration has reportedly borrowed over ₦49 trillion per year in its first two years in office. This represents more than a tenfold increase and has sparked fears that the economy is heading toward collapse if urgent interventions are not made.

What further complicates the situation, according to the ADC, is the sharp depreciation of the naira. Supporters of the current administration argue that Tinubu’s loans are smaller in dollar terms, averaging $1.7 billion per year compared to Buhari’s $4.15 billion. But with the naira in steady decline, the real cost of borrowing is far higher now. The ADC points out that the converted naira value of Tinubu’s annual borrowing stands at approximately ₦25.5 trillion, far exceeding Buhari’s ₦2.2 trillion average.

The ADC calls this situation a textbook case of economic mismanagement. It argues that Nigeria is not only spending more but getting less in return. Despite the mounting debts, public services remain underwhelming. Infrastructure remains poor, universities are underfunded, hospitals are struggling, and power supply continues to falter across the country. “So, what exactly are these loans being used for?” the statement asks pointedly.

Beyond criticizing the executive, the ADC directed strong rebuke at the National Assembly. The party accuses lawmakers of betraying their oversight responsibilities and acting as mere rubber stamps for the presidency. Instead of scrutinizing loan requests and demanding credible repayment plans, the Assembly has consistently approved borrowing proposals without adequate scrutiny.

The broader historical context, as outlined by the ADC, reveals an even more troubling trajectory. In 2015, when the All Progressives Congress (APC) took over power, Nigeria’s total debt stood at ₦12.6 trillion. Today, that figure has ballooned past ₦149 trillion, with foreign debt comprising a significant portion. The party states that more than $35 billion has been borrowed from external sources over the past decade, with Nigeria’s debt to the World Bank tripling and its Eurobond obligations increasing elevenfold.

This pattern, the ADC argues, reflects not only a lack of strategic economic vision but a dangerous indifference to the long-term consequences of debt accumulation. It fears that Nigeria’s children and grandchildren will be left to pay for loans that delivered neither prosperity nor progress.

Echoing the sentiments of the Association of Small Business Owners of Nigeria, the ADC highlights how the current debt policies are choking private enterprise. Small businesses, which are the backbone of the nation’s economy, are being crushed by inflation, currency instability, and the ripple effects of excessive government borrowing.

The ADC is now calling for an urgent full-scale audit of Nigeria’s loans over the past 10 years. The party demands transparency and accountability, insisting that Nigerians deserve to know how funds were utilized, what projects were funded, and what outcomes were achieved.

As concerns grow over Nigeria’s financial direction, voices like the ADC's are amplifying calls for change. With the public debt approaching unprecedented levels, questions over governance, accountability, and long-term sustainability are rising louder than ever.