The African Democratic Congress (ADC) has strongly criticized the Tinubu administration's economic management, labeling it a "Ponzi economy" due to what the opposition party describes as an excessive reliance on borrowing to service existing debts. This accusation comes in the wake of the federal government's decision to seek a fresh $1.25 billion loan from the World Bank, despite Nigeria's public debt profile already being estimated at an alarming N159.28 trillion.

In a statement issued by its National Publicity Secretary, Bolaji Abdullahi, the ADC expressed deep alarm over the administration's increasing dependence on external borrowing. The party highlighted that this latest loan request closely follows the National Assembly's approval of billions of dollars in previous external borrowings. The ADC questioned the efficacy of this strategy, asking why Nigerians continue to experience worsening living conditions if the government is consistently securing trillions of naira in new loans.

The party enumerated several indicators of a deteriorating economic situation under the current administration, including soaring food prices, escalating electricity tariffs, persistent naira depreciation, heightened insecurity, rising unemployment rates, and the widespread collapse of small businesses. The ADC firmly asserts that this pattern indicates the Tinubu administration is operating a "Ponzi economy," where new financial inflows are primarily used to cover previous fiscal failures and service old debts, thereby shifting the burden onto ordinary Nigerian citizens.

Furthermore, the ADC pointed to projections indicating that Nigeria could allocate approximately $11.6 billion (over N15 trillion) to debt servicing in 2026. Such a substantial expenditure, the party warned, would inevitably undermine crucial investments in vital sectors such as infrastructure, healthcare, education, agriculture, security, and job creation, hindering long-term national development.

The opposition party also lambasted the rapid pace of borrowing since the administration took office in May 2023, alleging that various policy programs and initiatives are merely pretexts to justify additional loans without delivering tangible improvements in the lives of citizens. The ADC stated that acronyms like ARMOR, RESET, HOPE, or SPIN are "merely different labels for the same pretext to continue borrowing without any recourse to measurable impacts on the lives of Nigerians."

The ADC also took issue with key economic reforms implemented by the government, including the removal of fuel subsidies, the devaluation of the naira, and increases in electricity tariffs. The party argued that Nigerians have endured significant economic hardship from these measures without experiencing the promised relief or signs of economic recovery.

Adding to its criticism, the ADC accused the National Assembly of failing in its oversight duties, characterizing the legislative body as a "rubber stamp" for the executive. The party expressed concern that the National Assembly, intended to act as a check on executive excesses, has been reduced to approving massive borrowing requests with minimal resistance or rigorous public scrutiny. The ADC concluded by cautioning that continued borrowing risks mortgaging the future of younger generations and deepening the country's economic woes. It emphasized that Nigeria requires leadership focused on industrialization, agriculture, stable electricity, security, support for local businesses, and sustainable job creation, rather than a dependence on accumulating debt.