The African Democratic Congress (ADC) has accused the ruling All Progressives Congress (APC) of deliberately plunging Nigeria into a dangerous debt trap with its recent push for a $21 billion loan request. The party described the move as reckless and insensitive to the country’s already dire economic situation.
In a statement released by its National Publicity Secretary, Dr. Bamidele Ajadi, the ADC warned that the loan request, recently approved by the National Assembly, is not only excessive but also unsustainable. He said the APC government has shown a troubling pattern of relying heavily on borrowing without a clear and convincing repayment strategy or visible economic returns.
“The recent move by the APC-led federal government to secure another $21 billion loan is a continuation of a pattern that has mortgaged Nigeria’s future. It is becoming clear that the APC is setting a debt trap that will haunt the country for generations,” Ajadi said.
He further stated that the government’s excuse of using the loan to fund critical infrastructure projects is unconvincing, considering the lack of transparency in previous borrowings and the growing burden of debt servicing. He noted that Nigeria currently spends an overwhelming percentage of its revenue on debt repayment, leaving very little for developmental projects.
Ajadi emphasized that the nation’s rising debt profile is not matched by improvements in infrastructure, education, healthcare, or security. According to him, what the APC is doing amounts to economic sabotage and an irresponsible mortgage of the country’s future.
He called on the National Assembly, civil society organizations, and Nigerians at large to reject the loan request and demand fiscal discipline and accountability from the federal government. “This is not the time to sit back. Nigerians must speak up and resist any policy that would deepen our economic woes. Our children and grandchildren should not have to pay for the failures of today’s leaders,” he said.
The ADC also urged President Bola Tinubu to explore alternative means of revenue generation rather than borrowing incessantly. The party suggested cutting government waste, fighting corruption more aggressively, and investing in sectors that can stimulate production and create jobs.
As public debate continues to intensify over Nigeria’s rising debt burden, the ADC’s statement adds to the growing chorus of concern from opposition parties, economists, and civil society groups warning that the country may be heading toward a debt crisis if urgent corrective measures are not taken.
