The African Democratic Congress (ADC) has thrown a jab at President Bola Tinubu over his administration’s fresh move to secure a $1.75 billion loan from the World Bank, despite earlier assurances that Nigeria no longer needed to borrow.
ADC spokesperson, Bolaji Abdullahi, in a post via 𝕏 on Tuesday, recalled that President Tinubu had publicly declared that Nigeria had already met its revenue target. He described the government’s sudden push for more loans as contradictory and misleading.
Abdullahi also criticised House of Representatives Speaker, Tajudeen Abbas, accusing him of inconsistency. He noted that while Abbas initially condemned Nigeria’s unsustainable debt profile, he later shifted position, making Tinubu appear dishonest.
“But no sooner had you left the country than some overzealous official announced your government’s plans to borrow another $1.75 billion from the World Bank, thereby making you look like a liar. Obviously, he fears you more than he fears for his conscience,” Abdullahi wrote.
In another swipe at the President, Abdullahi sarcastically told Tinubu to “continue enjoying his well-deserved holidays” while Nigerians grapple with the reality of the nation’s rising debt.
It will be recalled that Speaker Abbas, while addressing the West Africa Association of Public Accounts Committees conference on Monday, admitted that Nigeria’s debt had reached a critical point and called for urgent reforms in borrowing practices and financial oversight.
This renewed loan plan has sparked public debate, with critics warning that the country risks mortgaging its future through reckless borrowing.
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