Senator Victor Umeh has challenged the Federal Government’s request for new external loans, arguing that more borrowing makes no sense when the government claims it has exceeded its revenue targets.
Umeh, who represents Anambra Central, spoke on Channels Television after President Bola Tinubu asked the Senate to approve a fresh borrowing plan.
He said the government must first account for past loans and show what they have delivered.
“From what they have told us, there is no justification for the borrowing,” Umeh said.
“Since you have surpassed your revenue expectations, there is no need taking the country into a circus around borrowing all the time.”
The lawmaker said previous loans were sold to Nigerians as infrastructure funding, but the results are missing. When pressed on where the money went, he said, the answer shifts to “emergencies.”
“What we want to see is how these monies you have borrowed have impacted positively on the lives of the Nigerian people,” he said.
Empty Promises and Rising Prices
Umeh pointed to fuel prices as proof that borrowing has not eased hardship. He said he bought petrol at ₦1,410 per litre, while diesel was selling for about ₦1,889 per litre.
“The cost of living has become unacceptable. People don’t have money. They don’t have purchasing power in the midst of soaring costs,” he said.
He also criticised budget implementation. As October ended, he said, the 2026 capital budget had not been implemented.
“In the 2026 budget, there is no implementation of the capital budget yet. This is the end of October. We have barely one month until the end of the year,” Umeh said.
He cited the Eastern Rail Line, which received $3 billion in a previously approved $21 billion loan package. No work is ongoing at the site, he said.
“Part of that $21 billion was $3 billion for the reconstruction of the Eastern Rail Line. No work is going on there,” he said.
A Senate Without the Votes to Say No
Umeh acknowledged that opposition lawmakers cannot block the request. The governing party holds the majority, and the numbers favour approval.
“We are not rubber stamps, but you don’t have the number to say no to it,” he said.
The senator’s comments come as Nigeria’s public debt continues to climb. The Debt Management Office reported total public debt at ₦166.79 trillion as of June 2026, up from ₦159.35 trillion in March.
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