The African Democratic Congress (ADC) has faulted President Bola Ahmed Tinubu’s claims that Nigeria no longer relies on borrowing, accusing the administration of deceiving Nigerians with false statistics on revenue generation.
In a statement issued on Thursday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party described the government’s revenue narrative as “propaganda built on lies,” citing a N21.22 trillion shortfall between the 2025 budget projection and actual collections.
The ADC said the government’s recent celebration of revenue mobilization was misleading, noting that while the 2025 budget projected N41.81 trillion, only N20.59 trillion had been realized so far.
The party also questioned why the administration continues to borrow despite its claims of record revenues.
“Even more troubling is the fact that not all the revenue in question flows to the Federal Government,” the statement read. “When measured on a pro-rata basis for January to August or against the full-year target, the shortfall becomes glaring. This exposes the hollowness of the government’s claims.”
The opposition party challenged Tinubu’s recent comments on the exchange rate, saying his assertion that the naira had improved from N1,900 to N1,450 to the dollar was “patently false.” It argued that the currency traded at about N460 to the dollar at the official window on May 29, 2023, when Tinubu assumed office, and between N700 and N800 in the parallel market.
On borrowing, the ADC pointed to the Debt Management Office’s announcement on August 26, 2025, that it had raised N136.16 billion through a Federal Government bond auction, as well as the $21 billion loan approved by the National Assembly in July. According to the party, this has pushed the country’s debt stock to $120 billion (N180 trillion), the highest in Nigeria’s history.
“The question to ask is: if revenues are truly being met, why is this government still borrowing?” the ADC asked.
The party further criticized recent economic policies, including the newly introduced 5% petrol tax and the 300% increase in the cost of international passports. It described both measures as “cruel and insensitive,” arguing that they burden already struggling Nigerians instead of providing relief.
According to the ADC, the fuel tax worsens the impact of subsidy removal, while the hike in passport fees makes Nigeria’s passport one of the most expensive in the world relative to income.
