ADC Accuses Tinubu Administration of Running ‘Ponzi Economy’ Over Fresh World Bank Loan

The African Democratic Congress (ADC) has accused the Tinubu administration of mismanaging Nigeria’s economy, describing its fiscal approach as a “Ponzi economy” following plans to secure a fresh $1.25 billion World Bank loan.

In a statement issued on Thursday in Abuja and signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said the move reflects growing concerns over Nigeria’s rising debt profile, estimated at about N159.28 trillion.

The ADC alleged that the government is increasingly borrowing to service existing debts, while citizens continue to face rising inflation, unemployment, insecurity, and widespread economic hardship.

It said Nigerians are bearing the consequences of policies that have not translated into improved living conditions, despite repeated assurances from the government.

The party further noted that President Bola Tinubu has projected that Nigeria will spend about $11.6 billion (over N15 trillion) on debt servicing in 2026, arguing that such expenditure would significantly limit investment in critical sectors such as infrastructure, education, healthcare, and job creation.

According to the statement, “Trillions of naira that should have gone into development will instead be used for debt servicing.”

The ADC also expressed concern over what it described as the pace of external borrowing since the current administration assumed office in May 2023, noting that several World Bank-supported facilities have been secured during the period.

It criticised the government’s economic reforms, including subsidy removal, currency devaluation, and electricity tariff increases, arguing that they have worsened living conditions without delivering meaningful relief.

The party also faulted the National Assembly, accusing lawmakers of weak oversight in approving large-scale borrowing requests with limited scrutiny.

It warned that continued debt accumulation could “mortgage the future of unborn generations,” stressing the need for a shift toward productive investment in agriculture, industrialisation, infrastructure, and job creation.

The ADC said, “What Nigeria needs now is a production-driven economy that prioritises jobs, security, and sustainable growth rather than rising debt.”