The African Democratic Congress (ADC) has intensified pressure on President Bola Tinubu’s administration, accusing the Federal Government of running a “Ponzi economy” after seeking a fresh $1.25 billion World Bank loan despite Nigeria’s growing debt burden estimated at N159.28 trillion.
The opposition party said the government was borrowing heavily while Nigerians grapple with soaring food prices, unemployment, inflation, insecurity and collapsing businesses.
In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC criticised the administration for allegedly using new loans to service existing debts instead of investing in critical sectors like roads, healthcare, education, agriculture and electricity.
The party argued that the government keeps introducing new economic programmes and acronyms without visible impact on citizens’ welfare.
However, the ADC faction led by Nafiu Bala Gombe distanced itself from Abdullahi’s allegation that over N800 billion was deducted from FAAC allocations for political preparations ahead of the 2027 elections.
The faction’s spokesman, Christopher Okechukwu, insisted the party remains committed to responsible opposition politics and democratic values.
Meanwhile, former Vice President Atiku Abubakar formally submitted his nomination and expression of interest forms to contest the 2027 presidential election on the ADC platform.
Former Attorney General of the Federation Abubakar Malami also submitted forms to contest the Kebbi State governorship election under the party, as supporters crowded the ADC secretariat in Abuja.
Former Minister of Transportation Rotimi Amaechi declared that the 2027 elections would be Nigerians’ opportunity to “rescue themselves” from hardship under the current administration.
Rejecting ethnic and religious sentiments in leadership selection, Amaechi said candidates should be judged strictly by their records and performance, adding that “it is now the turn of Nigerians.
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