The African Democratic Congress (ADC) has launched a scathing attack on President Bola Tinubu's proposed 2026 budget, describing it as a document built on "quicksand," unsustainable debt, and unrealistic projections that signal continued fiscal chaos.
In a statement released on Monday by the party's National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC accused the administration of abandoning revenue credibility and prudent deficit management, warning that the N58.57 trillion spending plan would only deliver "more debts and greater misery" if approved.
The opposition party argued that the 2026 proposal merely replicates the flawed templates of the 2024 and 2025 budgets, which it described as largely unimplemented or unimplementable.
It highlighted the unprecedented situation of the government effectively operating multiple budgets simultaneously due to delays and extensions."Nigeria is caught in a fiscal mess," the statement read.
"Rather than confront the problems, the Tinubu administration continues to kick the can down the road, hiding yawning cracks under mountains of unsustainable debts while indulging in financial profligacy."
The ADC criticised the government's revenue projections as fantastical, noting the escalation from N20 trillion in 2024 to N40 trillion in 2025 and now N58.57 trillion in 2026.
It described these figures as driven by currency devaluation rather than genuine productivity.Particular concern was raised over the oil benchmark set at $64 per barrel amid weakening global prices, and a projected revenue target of N34 trillion that the party called "disconnected from reality."
The opposition also condemned the planned N23.85 trillion deficit representing about 70% of projected revenue and N24 trillion in new borrowings, stating that such a ratio amounts to "an admission of fiscal insolvency."
It warned that capital expenditure of N25.68 trillion would largely be debt-funded, burdening future generations.
Debt servicing costs, projected to rise to N15.52 trillion in 2026 from N12.63 trillion in 2024, were cited as evidence of the administration's reckless path.
The ADC concluded that the budget presentation has become a "hollow ritual" that mocks Nigerians' suffering, urging a radical departure from policies that prioritise creditors over citizens.
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