ADC-PCC to N’Assembly: Reject Tinubu’s $21bn loan over lack of transparency

The African Democratic Congress Presidential Campaign Council (ADC-PCC) has urged the National Assembly to reject President Bola Tinubu’s proposed $20 billion and £1 billion foreign borrowing unless the Federal Government provides full details of the facilities and demonstrates their benefits to Nigerians.

The council said the fresh borrowing would add to the burden on Nigerians already battling rising living costs and increased taxation, questioning why the government was seeking more loans without accounting for previous borrowings and savings from fuel subsidy removal.

In a statement by its Director of Media and Publicity, Kola Ologbondiyan, the ADC-PCC faulted the administration’s borrowing plans, demanding evidence that the funds would translate into tangible improvements in citizens’ lives.

“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? Nigerians deserve answers,” Ologbondiyan said.

He questioned why the government was returning to international creditors while millions of Nigerians struggled to survive the effects of its economic policies.

The council warned that continued borrowing without transparent spending and measurable returns could deepen Nigeria’s debt burden, restrict future governments’ policy options and threaten the country’s economic sovereignty.

“This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn,” Ologbondiyan said.

The ADC-PCC demanded that Tinubu publish a comprehensive account of all domestic and foreign borrowing since May 29, 2023, including a breakdown of revenue realised from subsidy removal and how the funds had been spent.

It also called for full disclosure of the proposed loans’ purposes, interest rates, repayment periods, fees, conditions and any collateral or guarantees attached to the facilities.

“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,” the council said.

It urged lawmakers to insist on accountability and refuse to approve the facilities until the Federal Government establishes their necessity, sustainability and tangible benefits to Nigerians.