The African Democratic Congress (ADC) has said it is alarming that the Federal Government is making moves to obtain a fresh loan of $1.25 billion from the World Bank.
The ADC, in a statement by its National Publicity Secretary, Bolaji Abdullahi, said the government seeking a fresh loan when the country has a high debt profile of about N159.28 trillion, indicates that the President Bola Tinubu administration is running a ponzi economy.
It accused the government of taking new loans to service old debts while Nigerians are burdened by rising food prices, unemployment, insecurity, business closures and worsening inflation.
The opposition party expressed concern that the National Assembly, saddled with oversight of the executive, has been approving endless loan requests for President Tinubu without proper scrutiny.
The ADC is equally concerned that the National Assembly, which should serve as checks on executive excesses, has been reduced to a mere rubber stamp, approving massive borrowing requests with little resistance or serious public scrutiny, even as debt servicing continues to consume an increasingly unsustainable portion of government revenue.