The African Democratic Congress (ADC) has criticised President Bola Tinubu’s 2026 budget proposal, saying it is as a “debt trap disguised as reform” that could worsen Nigeria’s financial troubles and place an even heavier burden on future generations.
In a statement issued on Monday by its National Publicity Secretary, Bolaji Abdullahi, the opposition party warned that the proposed budget relies heavily on borrowing and unrealistic revenue expectations, a strategy it says will further mortgage the country’s future rather than deliver meaningful economic reform.
Recall President Tinubu had on Friday presented the ₦58.18 trillion 2026 Appropriation Bill to the National Assembly, expressing confidence in a gradual economic recovery and promising stronger fiscal discipline.
The budget, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is aimed at building on recent macroeconomic gains and translating stability into tangible benefits for Nigerians.
However, the ADC rejected this optimism, arguing that the 2026 proposal merely repeats the failures of the 2024 and 2025 budgets, many of which, it said, were poorly implemented or left largely unexecuted.
According to the party, the scale of borrowing planned in the 2026 budget is alarming. It noted that while the government plans to spend ₦25.68 trillion on capital projects, the projected deficit stands at ₦23.85 trillion, meaning that most infrastructure projects would be financed through high-interest loans.
“The document presented to the National Assembly is a debt trap masquerading as a budget. Almost every road, bridge, or project is being funded with borrowed money,” the party said, warning that such an approach risks pushing Nigeria deeper into a debt crisis.
ADC further accused the government of borrowing recklessly to fund what it described as opaque and sometimes frivolous spending, stressing that saddling future generations with massive debt to finance today’s excesses is unacceptable.
The party also described the Tinubu administration as fiscally chaotic, accusing it of attempting to run multiple budgets simultaneously due to its inability to properly conclude earlier budget cycles.
“Although it is called a Budget of Consolidation and Shared Prosperity, what it really consolidates is fiscal recklessness and wishful thinking. If approved, the only thing this budget will share is more debt and deeper hardship in the years ahead,” the statement said.
ADC claimed the 2026 proposal simply copies the framework of previous budgets that failed to deliver, predicting that much of its implementation would again be postponed.
The party argued that Nigeria is already in a fiscal mess and accused the government of avoiding hard choices by pushing problems into the future through unsustainable borrowing.
It also dismissed the administration’s revenue projections as unrealistic, noting that government revenues rose in 2024 largely due to naira devaluation rather than genuine economic growth.
According to ADC, the decision to raise revenue targets from ₦20 trillion in 2024 to ₦40 trillion in 2025, and then to ₦58.57 trillion in 2026, shows a disconnect from economic reality.
The party further criticised the government’s oil price benchmark of $64 per barrel, describing it as risky at a time of weakening global prices and easing geopolitical tensions. It warned that chasing a ₦34 trillion revenue target under such conditions exposes the economy to serious shocks.
ADC expressed particular concern over the size of the budget deficit, noting that planning to borrow about ₦24 trillion against projected revenues of ₦34 trillion amounts to a deficit-to-revenue ratio of nearly 70 per cent, which it described as unacceptable in any sound fiscal system.
The party added that Nigeria’s debt servicing costs have continued to rise sharply, increasing from ₦12.63 trillion in 2024 to a projected ₦15.52 trillion in 2026, a trend it said underscores the danger of sustained high borrowing.
Concluding its statement, ADC said the Tinubu administration appears trapped by its own rhetoric and called for a complete rethink of Nigeria’s fiscal strategy.
“This government has hit a wall. Nigeria urgently needs a new fiscal direction, one that prioritises credible budgets, fiscal discipline, and the welfare of the people over the interests of creditors,” the party said.
