Rising Debt: ADC Labels Tinubu Administration a Ponzi Economy

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The African Democratic Congress, ADC, has accused the administration of President Bola Tinubu of operating what it described as a “Ponzi economy” through continuous borrowing and rising public debt.

The party’s National Publicity Secretary, Bolaji Abdullahi, made the allegation in a statement issued on Thursday while reacting to the Federal Government’s move to seek a fresh $1.25 billion loan from the World Bank.

The ADC said the proposed loan request came only weeks after the National Assembly approved additional external borrowing worth billions of dollars, raising concerns over Nigeria’s growing debt profile and worsening economic conditions.

According to the opposition party, the country’s public debt has climbed to about N159.28 trillion, while Nigerians continue to face rising food prices, increasing electricity tariffs, currency instability, unemployment, and business closures.

The party stated that many families were struggling to cope with inflation, as small businesses and manufacturers battled harsh economic realities.

ADC further argued that the government was relying on fresh loans to service existing debts and manage fiscal challenges, instead of investing in critical sectors capable of improving citizens’ welfare.

The party also cited projections that Nigeria could spend about $11.6 billion on debt servicing in 2026, warning that resources meant for infrastructure, healthcare, education, agriculture, security, and job creation may be diverted to repayment obligations.

 

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