The African Democratic Congress (ADC) has strongly criticised President Bola Tinubu’s administration, accusing the Federal Government of operating what it described as a “Ponzi economy” fueled by rising public debt and continuous external borrowing.
Key Highlights:
- ADC accuses Tinubu government of running a “Ponzi economy”
- Party faults fresh $1.25 billion World Bank loan request
- Nigeria’s public debt reportedly rises to N159.28 trillion
- ADC says inflation, unemployment and naira crisis worsening
- Party warns debt servicing may cripple critical sectors
- Concerns raised over rising food prices and electricity tariffs
- ADC calls for fiscal discipline and transparency in government borrowing
The opposition party made the allegation in a statement issued on Thursday by its National Publicity Secretary, Bolaji Abdullahi.
The criticism followed reports that the Federal Government is seeking a fresh $1.25 billion loan from the World Bank, in addition to several borrowing approvals earlier granted by the National Assembly.
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According to the ADC, the increasing debt profile of the country has failed to improve the living conditions of ordinary Nigerians despite repeated borrowing by the current administration.
The party claimed that Nigeria’s total public debt has climbed to approximately N159.28 trillion, while major economic indicators continue to deteriorate.
It noted that inflation remains high, the naira continues to struggle against major foreign currencies, and unemployment levels among young Nigerians are worsening.
The ADC also lamented the rising cost of food, increased electricity tariffs, and the closure of businesses due to harsh economic conditions across the country.
According to the statement, many households are now forced to cut down daily spending as the economic hardship deepens nationwide.
The party further argued that the Federal Government has increasingly resorted to borrowing to service existing debts, a situation it described as dangerous and unsustainable for the economy.
“This is why we say that the Tinubu administration is running a Ponzi economy, where new loans are constantly being taken to service old debts and cover fiscal failures, while ordinary Nigerians are left to carry the burden,” the statement read.
The ADC also referenced President Tinubu’s earlier projection that Nigeria could spend about $11.6 billion on debt servicing in 2026.
The party warned that such huge debt obligations could significantly reduce investments in critical sectors including education, healthcare, infrastructure, security, and job creation.
It called on the Federal Government to adopt greater fiscal discipline, improve transparency in public finance management, and reduce dependence on external borrowing.
