Nigerian ADC accuses govt of Ponzi economy over $1.25B loan

ABUJA, Nigeria - The African Democratic Congress (ADC), an opposition party, accused the Nigerian federal government on Thursday of managing the economy like a Ponzi scheme, as it seeks a $1.25 billion loan from the World Bank despite a public debt totaling about N159.28 trillion.

In a statement by National Publicity Secretary Bolaji Abdullahi, the ADC said the latest borrowing request, coming weeks after the National Assembly approved other external loans worth billions of dollars, highlights a pattern of using new debt to service old obligations without delivering relief to citizens. "This is why the ADC says the Tinubu administration is running a Ponzi economy, where new loans are constantly being taken to service old debts and cover fiscal failures, while ordinary Nigerians are left to carry the burden," Abdullahi stated.

The party pointed to persistent economic challenges, including soaring food prices, rising electricity tariffs, a weakened naira, widespread unemployment, business closures, insecurity and inflation. It noted that families are reducing meals, manufacturers are struggling and small businesses are collapsing under these pressures. Abdullahi questioned the...