Tinubu running Ponzi economy with accumulated loans – ADC

The African Democratic Congress, ADC, says President Bola Tinubu is running ‘Ponzi economy’ with accumulated debts.

The National Publicity Secretary of the party, Bolaji Abdullahi, said this in a statement on Thursday.

The ADC bemoaned the Tinubu administration’s latest move to seek a fresh $1.25 billion World Bank loan, barely weeks after the National Assembly approved yet another round of external borrowing running into billions of dollars.

It expressed concern that Nigerians keep getting poorer despite the government’s continuous borrowing.

“Today, Nigeria’s total public debt has risen to about N159.28 trillion, yet food prices continue to rise daily, electricity tariffs are increasing, the naira remains weak, businesses are shutting down, insecurity is spreading, and millions of young Nigerians remain unemployed.

“Families are cutting down on meals, manufacturers are struggling to survive, and small businesses are collapsing under the weight of inflation and poor economic conditions.

“This is why we say that the Tinubu administration is running a Ponzi economy, where new loans are constantly being taken to service old debts and cover fiscal failures, while ordinary Nigerians are left to carry the burden.

“It is noteworthy that President Bola Tinubu himself has declared that Nigeria will spend about $11.6 billion, over N15 trillion, on debt servicing alone in 2026.

“In simple terms, trillions of naira that should have gone into roads, hospitals, schools, electricity, security, agriculture, and job creation will instead go into paying creditors and servicing old loans,” the statement said.

Tinubu running Ponzi economy with accumulated loans – ADC