The African Democratic Congress Presidential Campaign Council (ADC-PCC) has called on the National Assembly to reject President Bola Tinubu’s proposed fresh foreign borrowing of $20 billion and £1 billion unless the Federal Government provides clear details on how the funds would be used and repaid.
The council described the proposed loans as a threat to Nigeria’s economic future, arguing that the government had yet to provide Nigerians with a convincing account of how previous borrowings and funds saved from fuel subsidy removal had been spent.
In a statement signed by its Director of Media and Publicity, Kola Ologbondiyan, the ADC-PCC criticised the administration’s continued reliance on borrowing, particularly at a time when many Nigerians are struggling with rising living costs and other economic pressures.
The council questioned the need for additional foreign loans, asking what tangible improvements Nigerians had seen in critical sectors such as electricity, healthcare, road infrastructure and job creation.
It also called for an explanation of how the revenue generated from the removal of fuel subsidies had been utilised, alongside details of previous loans secured by the government.
According to the ADC-PCC, continued borrowing without adequate public accountability could place a growing financial burden on the country and future generations.
The council argued that borrowing and increased taxation, without corresponding improvements in productivity, infrastructure and citizens’ welfare, could deepen Nigeria’s debt challenges and limit the options available to future governments.
It also warned that excessive dependence on foreign creditors could increase debt-servicing obligations and reduce the country’s room to make independent economic decisions.
“The sovereignty of Nigeria must not be compromised by fiscal recklessness,” the statement said, adding that the country’s economic independence and the welfare of future generations must not be sacrificed to what it described as an endless borrowing spree.
The ADC-PCC urged lawmakers to subject the proposed facilities to thorough scrutiny and withhold approval until the government demonstrates their necessity, sustainability and expected benefits to Nigerians.
It further called on Tinubu to publish a comprehensive account of all domestic and foreign loans obtained since he assumed office on May 29, 2023.
The council also demanded a breakdown of the revenue realised from fuel subsidy removal and how the funds had been spent.
In addition, it asked the Federal Government to disclose the purpose of the proposed loans, their interest rates, repayment periods, associated fees and conditions, as well as any collateral or guarantees attached to the facilities.
The council maintained that Nigerians had a right to understand the financial commitments being made on their behalf and how those obligations could affect the country’s economic future.
It also urged the National Assembly not to abandon its oversight responsibilities, insisting that any borrowing arrangement must be tied to clearly defined national priorities, transparent spending and measurable results.
The ADC-PCC’s position comes amid broader concerns about Nigeria’s debt burden and the impact of government fiscal policies on households and businesses.
However, the council’s claims about the utilisation of previous loans and subsidy-removal savings were presented as part of its criticism of the administration, and the statement did not provide supporting figures or a detailed assessment of the proposed facilities.
The council maintained that borrowing should not become a substitute for effective economic management and warned against leaving Nigerians to repay loans whose purposes and benefits have not been adequately explained.
What do you feel about this post?
Like
Love
Happy
Haha
Sad
