Fresh loan: ADC accuses FG of running ‘Ponzi economy’

The African Democratic Congress (ADC) accused President Bola Tinubu's administration of running a 'Ponzi economy' after the Federal Government sought a new $1.25 billion World Bank loan, despite Nigeria's public debt rising to about 159.28 trillion naira. ADC's National Publicity Secretary, Bolaji Abdullahi, stated that this situation worsens the living conditions for Nigerians facing rising food prices, inflation, and increasing unemployment. He also warned that the projected debt servicing obligations for 2026 could consume resources needed for development.