The African Democratic Congress (ADC) has strongly criticized the Federal Government’s latest move to secure a fresh $1.25 billion loan from the World Bank, describing the Tinubu administration’s borrowing pattern as unsustainable and dangerous for Nigeria’s economic future.

In a recent statement released, the party expressed deep concern over what it called the continuous accumulation of debt by the current administration, noting that the latest loan request comes only weeks after the National Assembly approved another round of external borrowing worth billions of dollars.

According to the ADC, Nigerians are increasingly burdened by worsening economic realities despite the government’s repeated borrowing. The party questioned why living conditions continue to deteriorate while public debt continues to rise sharply.

“Today, Nigeria’s total public debt has risen to about N159.28 trillion, yet food prices continue to rise daily, electricity tariffs are increasing, the naira remains weak, businesses are shutting down, insecurity is spreading, and millions of young Nigerians remain unemployed,” the statement read.

The party argued that many Nigerian families are now struggling to survive under severe economic pressure, with households cutting down on meals and small businesses collapsing under inflationary conditions and poor economic management.

The ADC accused the Tinubu administration of operating what it described as a “Ponzi economy,” alleging that the government is relying on new borrowing to service existing debts while failing to deliver meaningful improvements in the lives of ordinary citizens.

The party also referenced President Bola Tinubu’s disclosure that Nigeria could spend approximately $11.6 billion — over N15 trillion — on debt servicing in 2026 alone. According to the ADC, such figures highlight the growing danger of a debt-driven economy where critical national development priorities risk being sacrificed to repay creditors.

“In simple terms, trillions of naira that should have gone into roads, hospitals, schools, electricity, security, agriculture, and job creation will instead go into servicing old loans,” the statement added.

The opposition party further expressed concern over what it described as the rapid pace of borrowing since President Tinubu assumed office in May 2023. It alleged that successive loan programs introduced under different policy names and acronyms amount to repeated attempts to justify continued borrowing without measurable benefits to Nigerians.

The ADC noted that the administration had defended key economic reforms — including fuel subsidy removal, naira devaluation, and electricity tariff increases — as necessary sacrifices that would eventually lead to economic recovery. However, the party maintained that Nigerians are instead facing one of the worst cost-of-living crises in recent history.

“A serious government borrows to build industries, stabilize power, create jobs, expand exports, improve transportation, and grow the economy in ways citizens can actually feel,” the statement said. “But after all this borrowing, Nigerians cannot point to any measurable improvement in their daily lives that matches the scale of the debt being accumulated in their name.”

The ADC also criticized the National Assembly, accusing lawmakers of failing to adequately scrutinize borrowing requests from the executive arm of government. The party further described the legislature as a “rubber stamp” institution that has continued to approve major loan requests without sufficient public accountability.

Warning against what it called the mortgaging of Nigeria’s future, the party said the burden of today’s borrowing would ultimately fall on ordinary Nigerians through rising inflation, unemployment, hunger, and declining living standards.

The ADC concluded by reiterating its commitment to what it described as a more productive economic agenda centered on industrialization, agriculture, stable electricity supply, support for local businesses, improved security, and sustainable job creation.