Tinubu Has Borrowed 10 Times More Than Buhari — ADC Raises Alarm Over Soaring Debt

The African Democratic Congress (ADC) has sounded the alarm over Nigeria’s worsening debt profile, accusing President Bola Tinubu’s administration of reckless borrowing that dwarfs that of his predecessor, Muhammadu Buhari. The party claims the current administration has borrowed more than ten times the amount Buhari did within the same time frame, warning that the country’s total public debt could exceed ₦200 trillion before the end of the year.

In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC described the recent approval of a $21 billion foreign loan request by the National Assembly as a dangerous sign of fiscal irresponsibility. The party condemned both the executive and legislative arms of government, accusing them of jointly “mortgaging Nigeria’s future” under the guise of economic reform.

According to the ADC, while former President Buhari borrowed an average of ₦4.7 trillion annually, President Tinubu’s government has increased that figure to an average of ₦49.8 trillion per year. The party said this escalation reflects not only a lack of fiscal discipline but also a disregard for the long-term consequences of excessive debt.

“Supporters of this government argue that Tinubu’s borrowing is smaller in dollar terms,” the statement read. “But that defense collapses when you consider the exchange rate. With the naira in free fall, these loans are costing the country far more than Buhari’s in real terms. Tinubu’s administration is borrowing the equivalent of ₦25.5 trillion in foreign currency each year—compared to Buhari’s ₦2.2 trillion. This is economic mismanagement on an unprecedented scale.”

The ADC pointed out that since the All Progressives Congress (APC) assumed office in 2015, Nigeria’s public debt has ballooned from ₦12.6 trillion to over ₦149 trillion as of mid-2025. External debt alone has grown by more than $35 billion in the past decade, with obligations to the World Bank tripling and Eurobond liabilities increasing elevenfold. The latest borrowing plan would raise the country’s foreign debt ceiling to \$67 billion.

Despite the scale of these loans, the ADC noted that there has been little visible progress in key sectors such as infrastructure, education, health, and power. “The roads are still bad, universities remain grossly underfunded, hospitals lack basic equipment, and electricity supply is as unreliable as ever,” the statement continued. “So, what exactly are these loans being used for?”

The party also criticized the National Assembly for consistently approving loan requests without due diligence. “Instead of asking tough questions or demanding a clear repayment strategy, lawmakers have turned themselves into a rubber stamp for whatever the executive brings forward,” Abdullahi stated.

The ADC called for a comprehensive audit of all loans obtained over the past ten years, emphasizing the need for transparency and accountability in how public debt is incurred and utilized. Citing data from the Association of Small Business Owners of Nigeria, the party warned that the economic fallout from the government’s borrowing spree is already being felt, particularly by the small and medium enterprise sector, which forms the backbone of the economy.

“This is not just about numbers,” the ADC concluded. “It is about the future of millions of Nigerians who will be saddled with debts they neither incurred nor benefited from. We are speeding toward a financial cliff, and those in charge appear to have no brakes.”