The Digest:
The ADC has strongly criticized President Tinubu for pushing Nigeria further into debt with a new $21 billion foreign loan, accusing the government of fiscal irresponsibility. They warn this could push Nigeria’s debt beyond ₦200 trillion by year-end.
Key Points:
- ADC claims the $21bn loan will push Nigeria's public debt to ₦200 trillion.
- Tinubu’s borrowing exceeds Buhari’s record, with Nigeria’s debt growing tenfold.
- The party argues that foreign borrowing, due to the weakened naira, has increased debt servicing costs.
- Public infrastructure remains poor despite massive borrowing.
- ADC questions the National Assembly’s role in approving loans without scrutiny.
- Small businesses are suffering, with investors pulling out and debt service rising.
- ADC demands full disclosure of loan terms, interest rates, and recipients.
ADC calls for an end to what it calls fiscal recklessness, urging the government to focus on meaningful reforms instead of covering up policy failures with excessive borrowing.
Sources: Daily Post, The Cable
