ABUJA – The African Democratic Congress (ADC) has condemned President Bola Tinubu’s proposed 2026 budget, warning that it represents a dangerous debt trap that could jeopardize Nigeria’s future and worsen the country’s fiscal challenges.
In a preliminary assessment of the budget submitted to the National Assembly, the opposition party criticised the proposal for reflecting fiscal recklessness, administrative disarray, and what it described as a disturbing disregard for the wellbeing of future generations.
ADC National Publicity Secretary, Mallam Bolaji Abdullahi, challenged the government’s claim that the budget embodies a “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” asserting that it continues failed fiscal practices from previous years.
“What was presented is merely a continuation of fiscal mismanagement and wishful thinking that have come to define the Tinubu administration. If passed, this budget will only deliver more debt and deeper hardship for Nigerians in the years ahead,” the party said.
The ADC argued that the 2026 proposal mirrors the structure of the 2024 and 2025 budgets, which were largely unimplemented, and warned that the new budget is likely to meet a similar fate.
The party also criticised the government for operating multiple national budgets simultaneously, describing it as a sign of unstable fiscal management. “Instead of addressing the underlying problems, the Tinubu administration continues to push them forward, hiding structural gaps under unsustainable debt that will burden future generations,” the statement added.
On revenue projections, the ADC described the figures as overly optimistic. It noted that revenues rose to about N20 trillion in 2024 due largely to currency devaluation, were projected at N40 trillion for 2025, and are now set at N58.57 trillion for 2026. “This is not vision, it is fantasy,” the party stated.
The opposition also questioned the $64-per-barrel oil benchmark used in the budget, warning that potential declines in global oil prices could make the assumptions unrealistic. The N34 trillion revenue target, it argued, ignores alternative scenarios and relies on conditions that no longer exist.
More concerning, the ADC highlighted the proposed deficit, pointing out that the government plans to borrow approximately N24 trillion against projected revenues of N34 trillion.
“A budget projecting N34 trillion in revenue while borrowing N24 trillion signals fiscal insolvency. No functional system would accept a deficit-to-revenue ratio of 70 percent,” the party said. “Raising massive debts to fund reckless spending is an unforgivable burden on future generations.”
The party also noted rising debt servicing costs, which are expected to increase from N12.63 trillion in 2024 to N15.52 trillion in 2026.
“There is no fiscal principle that justifies such high deficits alongside astronomical debt servicing costs,” the ADC concluded.
