ADC Accuses Tinubu Government of Running ‘Ponzi Economy’ Over Rising Debt

The African Democratic Congress (ADC) has accused the administration of Bola Ahmed Tinubu of operating what it described as a “Ponzi economy” amid Nigeria’s growing debt profile and fresh plans to secure additional external loans.

In a statement issued on Thursday by the party’s National Publicity Secretary, Bolaji Abdullahi, the opposition party criticized the Federal Government’s move to seek a fresh $1.25 billion loan from the World Bank, arguing that the country was becoming increasingly dependent on borrowing to service existing debts.

The ADC said Nigeria’s total public debt has climbed to about N159.28 trillion, while inflation, unemployment, insecurity, and the rising cost of living continue to worsen across the country. According to the party, ordinary Nigerians are yet to feel the impact of the government’s economic reforms despite repeated borrowing initiatives.

“This is why the ADC says the Tinubu administration is running a Ponzi economy, where new loans are constantly being taken to service old debts and cover fiscal failures,” the statement said.

The party further criticized policies introduced under the current administration, including fuel subsidy removal, naira devaluation, and electricity tariff increases, arguing that the measures have imposed severe hardship on citizens without corresponding economic relief.

ADC also raised concerns over debt servicing projections, referencing government estimates that Nigeria could spend about $11.6 billion, more than N15 trillion on debt servicing in 2026 alone. The party warned that such obligations could reduce funding available for critical sectors such as healthcare, education, infrastructure, agriculture, and job creation.

The opposition party accused the National Assembly of failing to properly scrutinize large borrowing requests from the executive arm, claiming lawmakers had become “a rubber stamp” for external loan approvals.

Despite the criticism, the Federal Government has repeatedly defended its economic reforms and borrowing strategy, arguing that the measures are necessary to stabilize the economy, improve infrastructure, and reposition Nigeria for long-term growth.