The African Democratic Congress (ADC) has criticised the Federal Government’s move to obtain an additional N1.15 trillion in domestic loans, describing it as a troubling sign of what the party calls President Bola Tinubu’s “unhealthy reliance on borrowing” and inconsistent fiscal policies.
This comes as the Senate Public Accounts Committee, chaired by Senator Ahmed Wadada, begins an extensive probe into stamp duty revenues nationwide. The investigation is expected to uncover gaps in collection and remittance, with lawmakers insisting that every recoverable naira must be traced and fully accounted for.
In a related development, the Chancellor of Ekiti State University (EKSU) and Chairman of the Tunji Olowolafe Foundation, Dr. Tunji Olowolafe, has urged stronger partnerships between the government, the private sector, and academic institutions. He said such collaboration is essential if Nigeria is to realise its ambition of building a trillion-dollar digital economy by 2030.
The Senate’s approval of the new N1.15 trillion loan has drawn particular scrutiny because it comes months after the administration insisted that Nigeria had no need for further borrowing, claiming improved revenue performance. President Tinubu had announced that non-oil revenue collections had reached N20.59 trillion as of August 2025 — a figure the ADC says contradicts the government’s justification for fresh loans.
The party warned that without a coherent fiscal strategy, Nigeria risks sinking deeper into an unsustainable debt cycle, with long-term consequences for economic stability and national development.
