ADC Accuses Tinubu Government of Running “Ponzi Economy” Over Rising Debt Crisis

The African Democratic Congress (ADC) has strongly criticised President Bola Tinubu’s administration over Nigeria’s growing debt profile, accusing the Federal Government of operating what it described as a “Ponzi economy".

The criticism followed reports that the federal government is seeking another $1.25 billion loan from the World Bank despite Nigeria’s total public debt climbing to approximately ₦159.28 trillion.

ADC spokesman Bolaji Abdullahi argued that the government continues to borrow heavily without improving the living conditions of ordinary Nigerians. According to him, many of the new loans are being used mainly to service existing debts rather than fund meaningful development.

The party pointed to worsening economic realities across the country, including rising food prices, inflation, unemployment, business closures, insecurity, increased electricity tariffs, and the continued weakness of the naira.

ADC also warned that the debt situation could become more severe in 2026, when the federal government is projected to spend more than ₦15 trillion on debt servicing alone – a figure critics say could limit investment in critical sectors such as roads, healthcare, education, power supply, agriculture, security, and job creation.

In addition, the opposition party condemned key economic reforms introduced under the current administration, including fuel subsidy removal, naira devaluation, and tariff adjustments, claiming they have intensified the cost-of-living crisis affecting millions of Nigerians.

The ADC further accused the National Assembly of approving large borrowing requests without adequate scrutiny, warning that future generations may ultimately bear the burden of Nigeria’s rising debt obligations.

As economic pressures continue to mount, the debate over borrowing, fiscal management, and economic reform remains at the centre of Nigeria’s political discourse.

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