According to the party, Nigeria’s total public debt has now risen to “about N159.28 trillion,” while economic hardship continues to deepen across the country.
The African Democratic Congress (ADC) has criticised the administration of Bola Tinubu over its latest move to seek a fresh $1.25billion loan from the World Bank, describing the government’s borrowing pattern as a “Ponzi economy” that is worsening hardship for ordinary Nigerians.
In a statement issued on Thursday by the party’s spokesperson, Bolaji Abdullahi, the opposition party said it was “deeply alarmed” by the administration’s continued resort to external borrowing, noting that the latest request was coming “barely weeks after the National Assembly approved yet another round of external borrowing running into billions of dollars.”
The ADC questioned the impact of the repeated loans on the living conditions of citizens, asking: “If this government keeps borrowing trillions of naira every few months, why are Nigerians getting poorer, and why is life getting harder for the majority?”
According to the party, Nigeria’s total public debt has now risen to “about N159.28 trillion,” while economic hardship continues to deepen across the country.
