ADC-PCC criticises Tinubu’s fresh $20bn, £1bn loan request

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.

The council described the move as reckless and a dangerous step towards economic recolonisation.

The ADC-PCC said the fresh borrowing request came at a time when Nigerians were struggling with the consequences of the administration’s economic policies, including soaring living costs and the removal of fuel subsidies.

The council expressed concern that the administration continued to pursue additional borrowing without providing a transparent account of how previous loans and savings from subsidy removal had been utilised.

Speaking on the development, the Director of Media and Publicity of the ADC-PCC, Kola Ologbondiyan, said it was alarming that the administration was seeking additional foreign loans despite the economic burden on Nigerians.

“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,” Ologbondiyan said.

“Where is the money saved from fuel subsidy removal? What happened to 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 said the development raised questions about the administration’s fiscal priorities and commitment to accountability.

“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.

“President Tinubu cannot continue to impose painful economic sacrifices on Nigerians, claim the benefits of subsidy removal and, at the same time, seek enormous additional loans without adequately explaining how resources already available to his government have been spent.”

The ADC-PCC argued that an economic strategy built primarily on borrowing and increased taxation, without corresponding improvements in productivity, infrastructure and citizens’ welfare, risked pushing the country deeper into a debt trap.

It warned that excessive dependence on foreign creditors could expose Nigeria to mounting debt-servicing obligations and undermine the country’s economic sovereignty.

The council said the administration must demonstrate how the proposed borrowing would contribute to productive investment and improved living standards.

“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 therefore 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 and tangible benefits to Nigerians.

It also demanded that President Tinubu publish a comprehensive account of all domestic and foreign borrowing undertaken since May 29, 2023, alongside a detailed breakdown of revenue realised from subsidy removal and how the funds had been utilised.

The council further called for full disclosure of the proposed loans’ purposes, interest rates, repayment periods, associated fees and conditions.

“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes,” it stated.

“The National Assembly must not abdicate its oversight responsibilities. It must insist on accountability.”