The National Democratic Front (NDF) has cautioned the African Democratic Congress (ADC) against politicising Nigeria’s debt profile.
Recall that the ADC had recently accused the President Bola Tinubu administration of plunging Nigeria into an unsustainable debt crisis.
But, in a response issued on Monday in Abuja and signed by its National President, Dr. Ghalil Nasir, the NDF described the ADC’s claims as dishonest, misleading, and rooted in a desperate bid to stay politically relevant.
Dr. Nasir said it was unfortunate that the ADC chose to distort facts about Nigeria’s economic situation in order to malign an administration that is cleaning up years of structural decay and economic mismanagement.
“The African Democratic Congress is weaponising economic statistics without context. It is shameful that a party with no seat in the National Assembly and no significant policy contributions is attempting to distort public discourse by attacking a reform-minded administration,” Dr. Nasir said.
He stated that President Tinubu inherited an economy in dire straits: a public debt of ₦87.3 trillion, over ₦4 trillion in petrol subsidy arrears, a multiple exchange rate regime that created arbitrage, and an inflation rate of 22.4%.
“To stabilise such an economy without external financing would have meant shutting down capital spending and punishing the poorest Nigerians. Tinubu chose instead to act. What he has done is take decisive steps to stabilise a broken economy — steps that require both courage and capital,” he stated.
“To turn the economy around without external support would have required shutting down essential capital projects. That would have been far more damaging. What this administration has done is to seek concessional loans tied to infrastructure, energy transition, and economic competitiveness. These are not vanity loans. They are deliberate and targeted.”
Dr Nasir accused the ADC of relying on simplistic comparisons between the Tinubu and Buhari administrations without any economic nuance.
He said that while Buhari administration’s borrowing was largely absorbed by recurrent expenditures and subsidy payments, Tinubu’s borrowings were capital-focused and structured for long-term return on investment.
Moreover, the NDF pointed out that most of the loans secured under Tinubu have been project-linked and transparent, often tied to multilateral development institutions with clear disbursement conditions.
“It is also dishonest to compare naira-denominated debt across time without accounting for inflation and exchange rate realities. What matters is not the size of the loan in naira, but what the money is used for — and President Tinubu is using it to build roads, rail, power, and retool the economy.”
The group also cited the recent positive signals from international observers, noting that institutions like the IMF and the African Development Bank have commended the Tinubu administration for its bold reforms.
The NDF called on Nigerians to remain vigilant against what it described as “destructive politics dressed as activism,” warning that attempts to undermine confidence in the country’s economic direction would only hurt ordinary citizens.
“We urge President Tinubu not to be distracted by naysayers. He is on the right path. Let the ADC bring ideas, not noise. Let them show Nigerians how they would do better — if they even know how,” it added.
