The African Democratic Congress (ADC) has raised concerns over the Federal Government’s continued borrowing, following the approval of a new $1.25 billion World Bank loan by President Bola Tinubu’s administration.
The party says the latest loan request comes shortly after the National Assembly approved additional external borrowing worth billions of dollars, adding further to Nigeria’s growing debt burden.
According to the ADC, Nigeria’s total public debt has now reached approximately ₦159.28 trillion. The party argues that despite this increase in borrowing, many citizens are not seeing improvements in their daily lives.
The opposition party listed several ongoing economic challenges, including rising food prices, higher electricity tariffs, a weakening naira, and increasing unemployment. It also pointed to the closure of some businesses, inflation pressures, and worsening insecurity in different parts of the country.
The ADC questioned why living conditions appear to be getting more difficult for many Nigerians despite the government’s continued access to large international loans. It warned that excessive borrowing without visible improvements in public welfare could worsen economic pressure on households and businesses.
The party’s statement adds to ongoing national debates about public debt management, economic reforms, and the long-term sustainability of Nigeria’s fiscal policies.