By Suleiman Anyalewechi
The African Democratic Congress, ADC, on Thursday May 14, 2026, expressed renewed concern over what it described as the growing level of Nigeria’s cumulative public debt profile.
This is as the opposition Coalition platform accused President Bola Tinubu-led Federal Government of running a ” ponzi economy” using fresh loans to service old ones .
The party, in a statement issued by Bolaji Abdullahi, its spokesperson, expressed shock that the All Progressive Congress APC-led Federal Government has moved to secure a fresh $1.25 billion World Bank loan, despite the already precarious debt situation of the country.
According to the ADC, Nigeria’s public debt has hit the alarming threshold of about N159.28 trillion, with inflationary gap hitting the rooftop.
The party equally raised concern that trillions of Naira which should have been channeled into the provisions of good roads, hospitals, electricity, and adequate security, are now being expended on debit servicing.
The ADC, also, described as even more worrisome the speed and scale of the borrowing, noting that the Tinubu administration since inception has secured multiple World Bank facilities and other loans running into several billions of dollars.
The party emphasized that these multiple loans have regrettably brought about an ugly and disturbing situation where the country, according to the Tinubu administration’s projection will be spending a whopping $11.6 billion in debt servicing in 2026 alone.
“The African Democratic Congress, ADC, is deeply alarmed by the Tinubu administration’s latest move to seek another fresh $1.25 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 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 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 been gone into roads, hospitals, schools, electricity, security, agriculture,and job creation will, instead, go into paying creditors and servicing old loans.
“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” the ADC stated.
The party expressed disappointment that the National Assembly, in the midst of the reckless borrowings, has remained complicit, rubber- stamping the mounting debt profile.
The party warned that Nigeria cannot continue to mortgage the future of unborn generations simply to service the gluttonous appetite of the the present administration.
“At some point, somebody will pay for all these borrowings and, sadly, ordinary Nigerians are already paying through hunger, inflation, unemployment, business closures and a collapsing standard of living”, ADC added.
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