The African Democratic Congress (ADC) has criticised President Bola Tinubu’s decision to write off over $1.4 billion and N5.57 trillion in debts owed by the Nigerian National Petroleum Company Limited (NNPCL), calling the move unconstitutional and dangerous for the economy.
In a statement on Friday, ADC National Chairman, Ralphs Okey Nwosu, said the debt cancellation, approved without legislative backing, undermines Nigeria’s financial accountability and may lead to significant revenue loss.
He argued that the funds could have been used to finance critical sectors like education, health, and infrastructure, especially given the country’s rising debt burden and economic hardship.
“This debt forgiveness lacks transparency and due process. The President cannot unilaterally erase debts owed to the federation without the National Assembly’s input,” Nwosu stated.
The party questioned the motive behind the decision and demanded clarity on the legal basis for writing off such a huge amount.
ADC warned that the action could set a dangerous precedent and weaken institutions meant to safeguard public resources.
Nwosu urged civil society groups and opposition parties to resist what he described as a “blatant abuse of power.”
He called on the National Assembly to investigate the circumstances around the write-off and ensure proper checks on executive financial decisions.
The ADC reaffirmed its commitment to promoting transparency and holding leaders accountable for decisions that affect national revenue and the welfare of Nigerians.
