Economy
ADC Faults Tinubu Over $21bn Loan, Says Its ‘Fiscal Recklessness’
ADC Faults Tinubu Over $21bn Loan, Says Its ‘Fiscal Recklessness’
ADC faults Tinubu over $21bn loan, says its ‘Fiscal recklessness’. The African Democratic Congress (ADC) has accused President Bola Tinubu of plunging the country into a deeper debt crisis.
In a statement issued on Saturday, Bolaji Abdullahi, ADC’s national publicity secretary, said the approval of a fresh $21 billion in foreign loans by the national assembly would push Nigeria’s public debt beyond N200 trillion by the end of the year.
Abdullahi said Tinubu had outpaced former President Muhammadu Buhari in borrowing, despite failing to improve infrastructure or stimulate the economy.
“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing,” the statement reads.
“What Nigerians are witnessing, following the approval of a fresh $21 billion in foreign loans, is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today.”
Abdullahi said Buhari borrowed an average of N4.7 trillion annually, but Tinubu’s government had raised that figure tenfold.
“In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe,” he said.
“At this rate, Nigeria’s total public debt will crash through ₦200 trillion before the end of the year.”
He said Tinubu’s supporters often cite lower borrowing in dollar terms, but argued that the current exchange rate had worsened the real impact on the economy.
“With the naira now in free fall, again thanks to this administration’s poor policy choices, these same loans are costing the country far more,” he said.
“When converted to naira, Tinubu’s foreign borrowing amounts to ₦25.5 trillion every year, more than Buhari’s annual average of ₦2.2 trillion.”
Abdullahi said Nigeria’s total public debt has ballooned from N12.6 trillion in 2015 to over N149 trillion in 2025, while the country’s external debt stock continues to surge.
He claimed that the debt owed to the World Bank has tripled, Eurobonds have multiplied elevenfold, and foreign debt is projected to hit $67 billion if current trends continue.
“This reckless borrowing, repeated year after year, with no plan to repay it, and no effort to use it productively, will leave our children repaying debts that they did not incur or benefit from,” he said.
“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped and electricity supply is as poor as ever. So, what exactly are these loans used for?”
He accused the national assembly of failing in its oversight duty by approving loans without scrutiny or accountability.
“Instead, it has continued to approve these loans without asking the hard questions, without demanding a plan, and without standing up for the Nigerian people,” Abdullahi said.
The party said small businesses had been severely affected by Tinubu’s economic policies, citing concerns from the Association of Small Business Owners of Nigeria.
ADC, Tinubu
“Small businesses can no longer access credit. Investors are losing confidence and pulling out. And because over 60 percent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits,” the statement added.
The ADC demanded full disclosure of all loan agreements signed over the last 10 years by both the Buhari and Tinubu administrations.
“Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans,” it said.
The party also called on the president to end “fiscal recklessness” and focus on meaningful reforms.
“The era of borrowing to cover policy failures must come to an end,” Abdullahi said.
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.
Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.
EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.
Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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