The African Democratic Congress has condemned the proposed N58.18 trillion 2026 budget as a debt trap disguised as reform, saying it consolidates fiscal recklessness and wishful thinking.
“The document presented on December 19 is a debt trap masquerading as a budget,” said the ADC in a statement by its national publicity secretary, Bolaji Abdullahi, on Monday. “The government claims it will spend N25.68tn on capital expenditure, yet with a projected deficit of N23.85tn, it is clear that almost every bridge, road, or project is being funded by high-interest debt. Even with a transparent capital plan, this alone is cause for concern.”
President Bola Tinubu, on Friday, presented the N58.18 trillion 2026 Appropriation Bill to the joint session of the National Assembly and expressed optimism about a gradual economic recovery while pledging swifter and tighter fiscal controls.
Mr Tinubu said the budget was rooted in a plan to build on macroeconomic improvements, restore confidence, and translate stability into broad-based benefits for Nigerians.
However, the ADC said the proposed budget merely copied the failed and unimplemented 2024 and 2025 budgets, accusing Mr Tinubu’s government of reckless and indefensible borrowings.
“What is more alarming is the government’s mindless borrowing to fund opaque and often frivolous expenditures. It is one thing to squander current revenues; it is an unpardonable sin to raise massive debts to fund reckless spending, effectively burying our children under a mountain of debt before they even enter the workforce.
“Although presented as a Budget of Consolidation, Renewed Resilience and Shared Prosperity, what we see is only a consolidation of fiscal recklessness and renewed wishful thinking, hallmarks of the Tinubu administration. If approved, this budget will only share more debt and greater misery in the years ahead,” the opposition party stated.
Accusing Mr Tinubu of confusion and administrative incompetence, the opposition also expressed concern about the presentation of a new fiscal framework while the 2025 budget had only just been repealed and reenacted.
According to the ADC, operating three or more national budgets simultaneously contributes to fiscal chaos and demonstrates Mr Tinubu’s penchant for turning fiscal planning into a hollow ritual that mocks the suffering of the people.
“Operating three or more national budgets simultaneously is President Tinubu’s original contribution to fiscal chaos. It has never happened before in Nigeria. What is most evident is the administration’s penchant for turning fiscal planning into a hollow ritual that mocks the suffering of the people.
“While revenues were pushed to N20tn in 2024—driven more by currency devaluation than genuine productivity—the government doubled projections to N40tn in 2025 and raised them further to N58.57tn in 2026. This is not vision; it is fantasy,” said the political party
The opposition decried the explosion of debt servicing costs, which it said rose from N12.63 trillion in 2024 to a projected N15.52 trillion in 2026, stressing the urgent need for Mr Tinubu to rebuild a fiscal structure that truly serves the people, not just creditors.
