The African Democratic Congress Presidential Campaign Council (ADC‑PCC) has called on the National Assembly to reject President Bola Tinubu’s proposed foreign borrowing of about $20 billion and £1 billion unless the government releases full details of the facilities and proves they will benefit Nigerians.
In a statement issued on Thursday, the council warned that the new loans would add to a debt burden that already strains a population grappling with rising living costs and higher taxes. It questioned why the administration was seeking fresh money without accounting for earlier borrowings and the savings generated by removing fuel subsidies.
“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,” said Kola Ologbondiyan, ADC‑PCC Director of Media and Publicity.
Ologbondiyan also warned that continued borrowing without transparent spending and measurable returns could deepen Nigeria’s debt, limit future governments’ policy options and threaten the country’s economic sovereignty. “This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn,” he added.
The council has demanded that Tinubu publish a comprehensive account of all domestic and foreign borrowing since his inauguration on 29 May 2023, including a breakdown of revenue realised from subsidy removal and how those funds have been spent.
It also called for full disclosure of the proposed loans’ purposes, interest rates, repayment periods, fees, conditions and any collateral or guarantees attached to the facilities.
“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” the council said, urging lawmakers to insist on accountability and refuse to approve the facilities until the Federal Government establishes their necessity, sustainability and tangible benefits to Nigerians.
<small>Source: Vanguard News — read the original story there.</small>
