ADC Warns Nigeria Is Sliding Into a ‘Ponzi Economy’ as Debt Tops ₦159 Trillion

The African Democratic Congress has criticised the Federal Government’s plan to secure another $1.25 billion loan from the World Bank. It argues that new borrowing is only used to service old debts, leaving ordinary Nigerians to bear the cost. Despite rising public debt of about ₦159.28 trillion, millions of citizens still face soaring food prices, unemployment and poor living conditions. The party warns that funds meant for roads, hospitals and schools will instead go to paying creditors, with debt servicing projected at over ₦15 trillion in 2026. The ADC also accused the National Assembly of rubber-stamping massive loan requests without proper scrutiny. It warns that continued borrowing risks mortgaging the future of unborn generations while Nigerians struggle with one of the worst cost-of-living crises in recent history.

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