Connect with us

News

Debt Accumulation: Tinubu Running Ponzi Economy, Says ADC

Published

on

ADC Will Kick Tinubu Out Even If He Appoints Seyi As INEC Chair

Debt Accumulation: Tinubu Running Ponzi Economy, Says ADC

The African Democratic Congress (ADC) has accused the Tinubu administration of running a “Ponzi economy” following the Federal Government’s move to seek another fresh $1.25 billion World Bank loan, despite Nigeria’s rising debt profile of about N159.28 trillion.

Eereporter.com
In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said the government was taking new loans to service old debts while Nigerians continue to suffer rising food prices, unemployment, insecurity, business closures, and worsening inflation.

The full statement read:

The African Democratic Congress (ADC) is deeply alarmed by the Tinubu administration’s latest move to seek another fresh $1.25 billion World Bank loan, coming barely weeks after the National Assembly approved yet another round of external borrowing running into billions of dollars.

At this point, Nigerians must ask a simple question: if this government keeps borrowing trillions of naira every few months, why are Nigerians getting poorer, and why is life getting harder for the majority?

Today, Nigeria’s total public debt has risen to about N159.28 trillion, yet food prices continue to rise daily, electricity tariffs are increasing, the naira remains weak, businesses are shutting down, insecurity is spreading, and millions of young Nigerians remain unemployed. Families are cutting down on meals, manufacturers are struggling to survive, and small businesses are collapsing under the weight of inflation and poor economic conditions.

This is why the ADC says 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.

It is noteworthy that President Bola Tinubu himself has declared that Nigeria will spend about $11.6 billion, over N15 trillion, on debt servicing alone in 2026. In simple terms, trillions of naira that should have gone into roads, hospitals, schools, electricity, security, agriculture, and job creation will instead go into paying creditors and servicing old loans.

Even more disturbing is the speed and scale of the borrowing. Since assuming office in May 2023, the Tinubu administration has pursued or secured multiple World Bank facilities and external loans running into several billions of dollars.

Each time they want to borrow money, this government invents a new acronym. From ARMOR to RESET, HOPE, or SPIN, these are merely different labels for the same pretext to continue borrowing without any recourse to measurable impacts on the lives of Nigerians.

The government removed fuel subsidy, devalued the Naira, increased electricity tariffs, and imposed painful economic policies on citizens, promising that temporary sacrifice would lead to long-term recovery. Some of the loans are ostensibly obtained to cushion the impacts of these harsh policies. Instead, Nigerians have continued to suffer one of the worst cost-of-living crises in recent history, while the government continues to pile on more debts.

A serious government borrows to build industries, stabilize power, create jobs, expand exports, improve transportation, and grow the economy in ways that citizens can actually feel. But after all this borrowing, Nigerians cannot point to any measurable improvement in their daily lives that matches the scale of the debt being accumulated in their name.

The ADC is equally concerned that the National Assembly, which should serve as checks on executive excesses, has been reduced to a mere rubber stamp, approving massive borrowing requests with little resistance or serious public scrutiny, even as debt servicing continues to consume an increasingly unsustainable portion of government revenue.

ADC Will Kick Tinubu Out Even If He Appoints Seyi As INEC Chair

ADC

Nigeria cannot continue mortgaging the future of unborn generations simply to keep the present administration politically afloat. At some point, somebody will pay for all this borrowing, and sadly, ordinary Nigerians are already paying through hunger, inflation, unemployment, business closures, and a collapsing standard of living.

What Nigeria needs right now is the ADC’s leadership, which is focused on production, security, industrialization, agriculture, stable electricity, support for local businesses, and real job creation.

Signed:

Mallam Bolaji Abdullahi
National Publicity Secretary
African Democratic Congress (ADC)

News

IGP Disu Receives UNOWAS Delegation, Reaffirms Commitment to Peaceful Elections

Published

on

By

UNOWAS

IGP Disu Receives UNOWAS Delegation, Reaffirms Commitment to Peaceful Elections

The Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, today, Tuesday, 3rd November 2026, received a delegation led by the Special Representative of the United Nations Secretary-General and Head of the United Nations Office for West Africa and the Sahel (UNOWAS), Mr Leonardo Santos Simão, at the Force Headquarters, Abuja. The engagement focused on the Force’s preparedness for the 2027 General Elections and measures to support a peaceful, secure and inclusive electoral process.
Eereporter.com

In his remarks, Mr Simão explained that the visit provided an opportunity to discuss election-security preparations against the backdrop of security challenges in West Africa and the Sahel. He stressed the importance of preventing political competition from escalating into violence and sustaining public confidence in the impartiality of the Police. He also sought updates on lessons from previous elections and arrangements for the protection of vulnerable voters, including internally displaced persons.

Responding, the IGP noted that lessons from previous elections, including off-cycle polls, were informing the Force’s operational planning and training programmes. He highlighted ongoing training for Police personnel and officers from other security agencies to strengthen coordination, improve election-security management and address the security needs of persons with disabilities and other vulnerable groups.

The IGP further outlined ongoing threat assessments across Police formations to guide deployment and targeted security operations. He noted that the Force is working with other security agencies to address threats in vulnerable areas, with particular attention to providing a secure environment for internally displaced persons to exercise their electoral rights.

UNOWAS

UNOWAS

He also highlighted collaboration with the Independent National Electoral Commission (INEC) to support the timely and secure distribution of electoral materials. He explained that this engagement, together with joint training and improved coordination among security agencies, formed part of broader efforts to strengthen preparedness and ensure the effective discharge of election-security duties.

The Nigeria Police Force reaffirms its commitment to professional and impartial policing, sustained inter-agency cooperation and constructive engagement with relevant stakeholders towards ensuring a safe environment for Nigerians to exercise their electoral rights.

CSP ANI INIEDU, anipr
Force Public Relations Officer
Force Headquarters, Abuja
3rd November, 2026
Eereporter.com

Continue Reading

News

Ebonyi Community Joyfully Welcome Umah? Hail Tinubu’s Infrastructure Development Across Nigeria

Published

on

By

Ebonyi

Ebonyi Community Joyfully Welcome Umah? Hail Tinubu’s Infrastructure Development Across Nigeria

It was an extraordinary homecoming in Uburu, Ohaozara Local Government Area of State, as residents turned out in large numbers to give the Honourable Minister of Works, Senator Engr. David Umahi, CON, a surprise, unofficial and colourful reception organised spontaneously by the people following his series of stakeholders’ engagements in Abakaliki, the Ebonyi State capital on November 2, 2026.
Eereporter.com

It was a gathering of people who came from different communities across Uburu and Ohaozara to welcome their illustrious son and express appreciation for his contributions to national development under the administration of President Bola Ahmed Tinubu, GCFR.

The atmosphere was charged and filled with excitement as residents gathered to demonstrate their affection for the former Governor of Ebonyi State, whose appointment as Minister of Works has continued to attract attention to the wider South East.

For the people, the homecoming was a moment to acknowledge what they described as the confidence President Tinubu has reposed in Senator Umahi by entrusting him with one of the country’s most demanding ministerial responsibilities and he is performing excellently.

Among those who addressed the gathering were Onu Okorie, Prince Mathew, Comr. Kingsley Obini, and other prominent stakeholders. They spoke separately, expressing their appreciation for Senator Umahi’s service and the importance of the opportunities President Tinubu had given their son to contribute to national development.

In their individual remarks, they expressed the feelings of pride among the people of Uburu and Ohaozara, particularly over the Minister’s present responsibility for federal road infrastructure across the country. They also spoke about the importance of sustaining development efforts and ensuring that the South East continues to benefit from federal infrastructure investments which informed their reason for overwhelming support to President Bola Ahmed Tinubu’s re-election.

Of particular importance to them was the attention being given to federal roads and bridges in the South East, a region where poor road conditions have remained a major concern for residents, motorists, traders and businesses over the years.

The residents commended President Tinubu for appointing Umahi to the Federal Executive Council, describing the appointment as an opportunity for their son to contribute his experience in infrastructure development to national service.

They overwhelmingly declared their commitment to supporting President Bola Ahmed Tinubu’s re-election, linking their decision to his administration’s infrastructure investments and the opportunity given to Senator Umahi to contribute to the development of the country.

Ebonyi

Ebonyi

The remarkable reception came after Senator Umahi’s engagements with stakeholders in Abakaliki, where political and developmental issues affecting Ebonyi State and the wider country had formed part of his activities.

Francis Nwaze, FIPMD
Senior Special Assistant to the Honourable Minister of Works (Media)
November 3, 2026
Eereporter.com

Continue Reading

News

2027: Eno, Akpabio, Shettima Lead APC Campaign Mobilisation in Calabarx

Published

on

By

Shettima

2027: Eno, Akpabio, Shettima Lead APC Campaign Mobilisation in Calabar

Akwa Ibom State Governor, Pastor Umo Eno, on Monday, November 2, 2026, joined Vice President Kashim Shettima and other prominent leaders of the All Progressives Congress (APC) at the party’s national campaign rally held in Calabar, Cross River State, as preparations intensify ahead of the 2027 general elections.
Eereporter.com

Governor Eno led a delegation from Akwa Ibom State to the U.J. Esuene Stadium, venue of the rally, where he joined the Vice President, Senate President Godswill Akpabio and other APC chieftains in mobilising support for President Bola Ahmed Tinubu and the party’s candidates.
The rally attracted top government officials, party leaders, stakeholders and thousands of APC supporters from across the region, who gathered to demonstrate their commitment to the party’s political aspirations ahead of the forthcoming general elections.

Shettima

Umo Eno

The presence of Governor Eno and Senate President Akpabio further highlighted the involvement of prominent South-South political leaders in the APC’s ongoing mobilisation efforts.
The U.J. Esuene Stadium was filled to capacity, with enthusiastic party faithful and supporters turning out in large numbers to participate in the rally and reaffirm their support for President Tinubu’s re-election bid and other APC candidates.

The event formed part of the party’s broader nationwide campaign and mobilisation activities aimed at strengthening its political structures and consolidating support ahead of the 2027 elections.
Eereporter.com

Continue Reading

Trending