By Myke Uzendu
The African Democratic Congress Presidential Campaign Council (ADC-PCC) has accused President Bola Tinubu of setting the stage for Nigeria’s economic recolonisation through his request to the National Assembly for approval to borrow an additional $20 billion and £1 billion.
The council described the proposed borrowing as reckless and unconscionable, warning that excessive dependence on foreign loans could undermine Nigeria’s economic sovereignty and mortgage the future of generations yet unborn.
In a statement issued on Tuesday, the Director of Media and Publicity of the ADC-PCC, Kola Ologbondiyan, said the fresh borrowing request came at a time when millions of Nigerians were grappling with the effects of rising living costs, increased taxation and the removal of fuel subsidies.
The council expressed concern that the Tinubu administration continued to pursue additional loans without providing Nigerians with a transparent and convincing account of how previous borrowings and funds saved from subsidy removal had been utilised.
Questioning the rationale behind the proposed loans, Ologbondiyan said the government needed to explain the tangible benefits Nigerians had derived from its borrowing activities.
“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” he said.
He also questioned the whereabouts of funds saved from fuel subsidy removal and why the government was seeking additional foreign loans while millions of citizens struggled to survive.
“Where is the money saved from fuel subsidy removal? What happened to the previous loans? And why must the government return to the international credit market with another $20 billion and £1 billion when millions of Nigerians are struggling to survive?” he asked.
Ologbondiyan said the development raised serious questions about the administration’s fiscal priorities, economic direction and commitment to accountability.
