The African Democratic Congress (ADC) has issued a sharp rebuke of the Bola Tinubu administration, accusing it of celebrating false economic successes while implementing policies that “monetize hardship” and further impoverish Nigerians.
In a statement by National Publicity Secretary Mallam Bolaji Abdullahi, the party directly challenged the government’s claims of record revenue growth, improved exchange rates, and a halt to local borrowing.
The ADC argued that the government’s touted N20.59 trillion revenue mobilisation is a “gaping shortfall” of N21.22 trillion when compared to the 2025 budget’s projected N41.81 trillion.
The party called the government’s figures “unrealistic” and a mere act of propaganda, noting that a pro-rata analysis for the first eight months of the year reveals a significant deficit.
The statement also refuted President Tinubu’s claims about the exchange rate, branding his assertion that the naira was at N1,900 to a dollar when he took office as “patently false.”
“A simple Google search will show that on the morning President Tinubu was sworn in, the naira traded at approximately N460.72 to the US dollar, and between N700 and N800 in the parallel market. The reality is that under President Tinubu’s watch, the naira has lost more than 50% of its value, wiping out savings and leaving ordinary Nigerians to bear the brunt through skyrocketing food prices, soaring rents, and suffocating transport costs.
“Another false claim by President Tinubu is that the government has stopped local borrowing. Only a few days ago, on August 26, 2025, the Debt Management Office announced that it raised N136.16 billion through a Federal Government bond auction. This is apart from the $21 billion loan hurriedly approved by the National Assembly in July without any details of its purpose, bringing the national debt stock to $120 billion or 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 answer is simple, the revenue narrative is built on falsehood.”
The ADC pointed out that on the day of his inauguration, the naira traded at approximately N460.72 to the dollar in the official market and between N700 and N800 in the parallel market. The party said the naira has lost over 50% of its value under the current administration, leading to skyrocketing prices.
Furthermore, the ADC challenged the President’s claim that the government has stopped local borrowing, citing a recent bond auction by the Debt Management Office that raised N136.16 billion.
The party questioned the need for continued borrowing, especially after the National Assembly’s hurried approval of a $21 billion loan in July, which has pushed the national debt to a historical high.
The ADC found two recent policies particularly “cruel and deeply insensitive”: the newly introduced 5% petrol tax and a 300% hike in the cost of the Nigerian international passport. The party stated that these policies are designed to punish citizens already suffering from the effects of fuel subsidy removal and economic hardship.
“As if this were not enough, the government has also increased the cost of obtaining a Nigerian international passport by 300%, making it one of the most expensive in the world. In the United Kingdom, a passport costs just 5% of the minimum monthly wage. In Nigeria, it now costs 143% of the minimum wage.
“This is what governance has been reduced to under President Tinubu, taxing the very survival of the people, monetizing hardship, and celebrating suffering as success. From fuel taxes to passport price hikes, every policy seems designed to push Nigerians further into poverty, while a privileged few at the top live in excess and comfort.”
The ADC concluded that the government’s actions amount to exploitation, not governance, and are pushing the majority of Nigerians into “abject poverty” while a privileged few live in comfort.
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