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.
FG Inaugurates PenCom Board, Tasks Members On Protection Of Pension Assets
The Federal Government has inaugurated the Board of the National Pension Commission, reinforcing its commitment to transparency, accountability, and the protection of over ₦28 trillion in pension assets.
Speaking at the ceremony, the SGF, Senator (Dr.) George Akume, charged members to uphold strong corporate governance while maintaining a clear boundary between oversight and management.
PenCom
The Board, led by Chairman Agbaje Opeyemi Olukayode, pledged to safeguard contributors’ funds and support national development, while the Director-General Omolola Oloworaran reaffirmed commitment to collaboration in delivering secure and timely retirement benefits for Nigerians.
SEC Sign MoU With NYSC To Fight Ponzi Schemes
SEC sign MoU with NYSC to fight Ponzi schemes. The initiative was designed to sensitise young Nigerians to the risks of fraudulent investment schemes and promote sound, legitimate investment practices.
The Securities and Exchange Commission and National Youth Service Corps have signed a memorandum of understanding to establish a community development service group focused on investment education for corps members.
The initiative was designed to sensitise young Nigerians to the risks of fraudulent investment schemes and promote sound, legitimate investment practices.
According to a statement by the SEC on Sunday, the MoU was recently signed by its director-general, Emomotimi Agama and NYSC director-general, Olakunle Nafiu.
It was also meant to promote financial literacy and sound investment habits among young Nigerians.
In addition, the collaboration will help equip corps members with essential knowledge and skills to identify and avoid Ponzi schemes and other illegal investment practices.
It will also help enhance public awareness campaigns against illegal financial schemes across all LGAs in the country, among other objectives.
“Based on the scope of the collaboration, SEC shall develop and provide relevant and up-to-date educational content, materials, and training modules on capital market operations, safe investment practices, and the identification and avoidance of Ponzi schemes.
“SEC will also be responsible for the content, resources and funding of training sessions for selected corps members and NYSC supervisors who will serve as trainers and facilitators in their respective communities.
SEC
“On its part, the NYSC shall facilitate the integration of anti-Ponzi scheme education into its Education and Enlightenment CDS programme. This may involve dedicated sessions, workshops, or awareness campaigns during orientation camps and throughout the service year,” said the statement.
The parties shall collaborate on joint awareness campaigns, utilising various channels and platforms, including social media, traditional media, and community outreach, to disseminate information on safe investment and expose fraudulent schemes.
Persistent Grid Collapse, Weak Power Supply Worsening Economic Hardship: Oyintiloye
Speaking with journalists on Sunday in Osogbo, Oyintiloye said the situation had continued to deteriorate despite assurances and reforms introduced by authorities.
He described unreliable electricity as a major setback to the federal government’s reforms in the power sector.
He appealed to President Bola Tinubu to urgently intervene, noting that poor power supply is worsening economic hardship across the country.
Oyintiloye said the poor supply has compounded the effects of the current heatwave, making living conditions more difficult for many Nigerians.
The former lawmaker called for the constitution of a panel to investigate recurring national grid collapses and persistent supply challenges despite significant investments.
“It is a terrible situation across Nigeria with persistent poor power supply,” he said.
“Many small-scale businesses and large industrial players are affected, while most homes cannot boast of even three hours of electricity supply daily for domestic use.
“Despite numerous reforms and promises, the national grid continues to collapse. The situation is now compounded by gas supply shortages, weak transmission infrastructure, and chronic underinvestment across the power value chain.
“Nigerians are groaning, and urgent action must be taken by the Minister of Power, Adebayo Adelabu, and his team. The situation cannot continue like this.”
Oyintiloye warned that the situation has already triggered protests in parts of the country and could escalate if not addressed promptly.
“The situation must be quickly addressed before it becomes a national embarrassment. Nigerians need to be informed whether the issue is due to structural failure or sabotage within the power sector,” he said.
Electricity
“This epileptic power supply has led to a series of peaceful protests nationwide. I appeal for the President’s intervention before these protests turn violent.
“Electricity is essential for households and the survival of businesses. Since the end of last year, there has been no stable power supply across the country, despite assurances by those in charge and huge investments in the sector.
“Poor power supply should not be added to the challenges Nigerians are currently facing. The high cost of fuel has also made it difficult for those relying on generators to cope.”
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