The African Democratic Congress (ADC) has demanded a comprehensive account of President Bola Ahmed Tinubu’s borrowings since assuming office, questioning the utilisation of previous loans and revenues generated from the removal of the petrol subsidy.
The opposition party made the demand following the President’s latest request to the National Assembly for approval to secure additional external loans, warning that Nigeria could face deeper economic challenges if borrowing continues without adequate transparency and accountability.
In a statement signed by its Director of Media and Publicity, Kola Ologbondiyan, the ADC called on the Federal Government to explain how previous borrowings and savings from subsidy removal had been spent before committing the country to further debt.
The party questioned the justification for the fresh borrowing proposal, arguing that Nigerians were yet to see sufficient improvements in critical sectors, including roads, electricity, healthcare, employment and other essential infrastructure.
“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt?” Ologbondiyan asked.
The ADC also demanded an explanation for the latest borrowing request, which includes $20.52 billion and a foreign-currency facility reported in the President’s communication to the National Assembly.
The party warned that continued dependence on external loans, coupled with increased taxation and rising living costs, could place additional pressure on Nigerians while leaving future administrations with mounting repayment obligations.
According to the ADC, borrowing should be tied to clearly defined national priorities, measurable development outcomes and transparent expenditure rather than becoming a substitute for effective economic management.
The opposition party further cautioned that excessive foreign indebtedness could increase debt-servicing costs, restrict the ability of future governments to make independent economic decisions and threaten the country’s fiscal sovereignty.
“The sovereignty of Nigeria must not be compromised by fiscal recklessness. Our national assets, economic independence and the welfare of future generations must not become casualties of an endless borrowing spree,” Ologbondiyan stated.
The party subsequently urged the National Assembly to subject the proposed facilities to rigorous scrutiny and reject them unless the government demonstrates their necessity, sustainability and expected benefits to the country.
It also called on Tinubu to publish a comprehensive breakdown of domestic and foreign loans obtained since May 29, 2023, alongside details of the revenue generated from petrol subsidy removal and how the funds have been utilised.
The ADC further demanded full disclosure of the proposed loans’ interest rates, repayment schedules, associated fees, conditions and any collateral or guarantees attached to the facilities.
The party maintained that Nigerians have the right to understand the financial obligations being incurred on their behalf and the implications for the country’s economic future.
“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” Ologbondiyan said.
The latest controversy comes amid renewed scrutiny of the Tinubu administration’s borrowing strategy following the National Assembly’s approval in March 2026 of two external financing facilities worth a combined $6 billion.
The facilities reportedly included a proposed $5 billion financing programme from First Abu Dhabi Bank in the United Arab Emirates and a $1 billion UK-backed export credit facility arranged through Citibank for the rehabilitation of the Lagos Port Complex and Tin Can Island Port.
The Federal Government had said the $5 billion facility would support budget implementation, finance priority infrastructure projects and refinance existing high-cost domestic and external debts.
However, the ADC insisted that the government must provide verifiable evidence of the benefits of previous borrowing before seeking further financial commitments that could burden Nigerians and generations yet unborn.
