…APC Chief Counters, Says “2027 is Settled”
By John Paul
Nigeria’s rising debt burden became a flashpoint for political confrontation yesterday as opposition parties launched scathing criticisms against the Tinubu administration, accusing it of reckless borrowing and worsening economic hardship for Nigerians.
The African Democratic Congress (ADC) and the Labour Party (LP) led the charge, raising alarm over the approval of a fresh $21 billion foreign loan by the National Assembly. Both parties warned that Nigeria’s debt profile is spiraling towards unsustainable levels with no visible economic benefits.
While the Labour Party accused the APC-led government of impoverishing Nigerians more than any previous administration, the ADC said President Bola Tinubu’s government has broken borrowing records, pushing Nigeria towards a debt crisis that could exceed N200 trillion before the year’s end.
In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC described the fresh loan approvals as “fiscal vandalism” and expressed concern over what it termed the National Assembly’s abdication of its oversight responsibilities.
The party argued that under President Tinubu, borrowing has accelerated dangerously, surpassing the pace set by former President Muhammadu Buhari. “Under Buhari, Nigeria borrowed an average of N4.7 trillion per year, which caused widespread concern. Under Tinubu, borrowing has jumped to N49.8 trillion annually,” Abdullahi said.
The ADC further noted that despite supporters’ claims that Tinubu’s loans are smaller in dollar terms, the collapsing naira has inflated the domestic cost of these loans, making them far more burdensome.
“Supporters argue Tinubu borrows less in dollars, but with the naira’s free fall, these loans now cost over N25 trillion yearly, more than ten times Buhari’s average,” the statement said.
Abdullahi described the current borrowing as “a debt trap driven by economic mismanagement,” warning that without urgent fiscal reforms, Nigeria’s future generations will be saddled with unpayable debts.
He pointed out that since the APC took power in 2015, Nigeria’s public debt has ballooned from N12.6 trillion to over N149 trillion, with more than $35 billion borrowed from external lenders in just a decade.
“What we owe the World Bank has tripled. Eurobond debts have multiplied eleven times. Now, with this fresh loan, the government wants to push our foreign debt ceiling to $67 billion,” he said.
The ADC criticized the lack of transparency in Nigeria’s loan agreements, demanding full disclosure of terms, interest rates, and the actual utilization of borrowed funds.
“Year after year, we see loans being taken with no visible infrastructure to justify them. Universities are underfunded, hospitals are in decay, and power supply remains erratic. So where is the money going?” Abdullahi queried.
He also cited concerns raised by the Association of Small Business Owners of Nigeria, warning that high debt servicing costs are crippling small businesses and stifling economic growth.
“Over 60% of our national income is now being used to service debts. The government has turned to ordinary Nigerian families, imposing crushing taxes to make up the gap,” he said.
On its part, the Labour Party, through its factional interim National Chairman, Senator Nenadi Usman, condemned the APC-led government’s economic management, claiming that the party has inflicted unprecedented hardship on Nigerians.
Usman, speaking in Kafanchan, Kaduna State, said the level of suffering across the country was “intolerable,” urging Nigerians to rally around the Labour Party as a credible alternative to the APC.
She expressed confidence that the Labour Party would offer a people-centered governance model that prioritizes economic revival and social welfare, assuring citizens that the party was prepared to correct what she termed “grave missteps” of the APC government.
Addressing the ongoing wave of defections from the Labour Party and other opposition ranks to the APC, Usman described the trend as both legally and morally indefensible.
She insisted that the defections would not shake the Labour Party’s resolve, saying that “many of those who left never truly believed in our vision for a new Nigeria,” and that their exit had only strengthened the party’s unity.
Usman appealed to all aggrieved members to put aside their differences and focus on rebuilding the party through the upcoming membership revalidation, congresses, and national convention.
She emphasized that the Labour Party derives its strength from grassroots support, not from political elites, and would continue to present a viable alternative to Nigerians.
Meanwhile, a chieftain of the All Progressives Congress (APC) in Osun State and governorship aspirant, Dotun Babayemi, dismissed the opposition’s criticisms, describing them as a “noisy gang-up” that would not affect President Tinubu’s re-election bid in 2027.
Speaking during his ward-to-ward consultation in Ayedire Local Government Area, Babayemi declared that Tinubu’s second term was “a done deal” and essential for the country’s economic stability.
“The President’s reforms are already bearing fruit. By 2027, Nigerians will see tangible results that will make his re-election inevitable,” Babayemi stated confidently.
He urged APC members in Osun and across the country to prioritize mobilization for the upcoming voter registration exercise, stressing that electoral preparedness was key to consolidating the party’s position.
Babayemi also reassured party faithful that ongoing reforms under Tinubu’s Renewed Hope Agenda would soon begin to positively impact the economy, restoring public confidence.
“Every government faces teething problems with reforms. But Tinubu’s policies are visionary and will stabilize the economy for the good of all Nigerians,” Babayemi said.
He concluded by urging Nigerians to give President Tinubu time to deliver, asserting that the opposition’s “constant attacks and doomsday predictions” were politically motivated and would fade as the administration’s reforms mature.
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