The African Democratic Congress (ADC) has criticised President Bola Ahmed Tinubu’s administration over its reported plan to secure a fresh $1.75 billion loan from the World Bank, despite earlier assurances that Nigeria would stop borrowing.
In a scathing post on Tuesday, ADC’s National Publicity Secretary, Bolaji Abdullahi, accused the Tinubu government of inconsistency and poor coordination, saying it has made the President appear untruthful.
Abdullahi referenced Tinubu’s recent public statement in which the President claimed that Nigeria had exceeded its revenue targets and would no longer rely on foreign borrowing.
“But no sooner had you left the country than some overzealous official announced your government’s plans to borrow another $1.75 billion from the World Bank, thereby making you look like a liar,” Abdullahi wrote in a message shared via his official handle on X (formerly Twitter).
He also took aim at the Speaker of the House of Representatives, Hon. Tajudeen Abbas, who had earlier raised alarm over Nigeria’s rising debt profile but later appeared to soften his position.
“Obviously, he fears you more than he fears for his conscience,” Abdullahi said, suggesting that political pressure is silencing dissenting voices within the ruling establishment.
The ADC spokesman ended his post with a sarcastic jab at the President, saying, “Sorry to disturb you, Sir. Continue to enjoy your well-deserved holidays.”
This backlash comes amid growing concerns over Nigeria’s debt burden, which many experts and public officials say is reaching unsustainable levels. The total public debt stock, as of mid-2025, stands at over ₦97 trillion, according to data from the Debt Management Office (DMO).
Only a day before Abdullahi’s post, Speaker Tajudeen Abbas had warned during a speech at the West Africa Association of Public Accounts Committees (WAAPAC) conference that Nigeria’s debt situation had become critical. He called for “urgent reforms” in the country’s borrowing practices and stronger legislative oversight of loan agreements.
However, following reports of the new $1.75 billion loan request, critics are questioning whether the government is truly committed to reducing borrowing.
While the Tinubu administration has often defended its borrowing as necessary for development and infrastructure, opponents argue that loans have not translated into visible progress for ordinary Nigerians. Many are also alarmed by the growing cost of debt servicing, which continues to eat deep into the nation’s annual budget.
Bolaji Abdullahi, a former Minister of Youth and Sports and one-time member of the ruling All Progressives Congress (APC), has been a consistent critic of Tinubu’s leadership, especially in areas of economic policy and transparency.
The World Bank loan, if approved, is expected to support economic reforms and social protection programmes. However, public reaction remains mixed, as many citizens face rising inflation, fuel prices, and a weakening naira.
