Senator representing Anambra Central, Victor Umeh, has questioned the Federal Government’s justification for seeking fresh external loans despite claims that it has exceeded its revenue targets.
Umeh spoke with journalists while reacting to President Bola Tinubu’s request for approval to obtain additional external loans, insisting that the government must account for previous borrowings and demonstrate their impact on Nigerians before taking on more debt.
According to him, exceeding revenue expectations should eliminate the need for continuous borrowing.
“From what they have told us, there is no justification for the borrowing. Since you have surpassed your revenue expectations, there is no need taking the country into a circus around borrowing all the time,” he said.
The senator noted that previous borrowing plans had been justified on the grounds of infrastructure development, but Nigerians were yet to see corresponding results.
He said the government often cited emergencies when questioned about the utilisation of borrowed funds, stressing that the priority should be to establish how the loans had improved the lives of citizens.
“What we want to see is how these monies you have borrowed have impacted positively on the lives of the Nigerian people,” Umeh added.
He expressed concern over the rising cost of living, lamenting that many Nigerians could no longer afford basic necessities due to dwindling purchasing power and soaring prices.
Citing the rising cost of fuel, Umeh said he recently bought petrol at one thousand four hundred and ten naira per litre, while diesel sold for about one thousand eight hundred and eighty-nine naira per litre.
He questioned when Nigerians would experience relief from the persistent increase in energy costs.
The lawmaker also faulted the implementation of the 2026 budget, claiming that the capital component had yet to be implemented meaningfully as October drew to a close, leaving little time before the end of the fiscal year.
Umeh further cited a previously approved three-billion-dollar loan for the reconstruction of the Eastern Rail Line, alleging that no work was ongoing on the project.
He urged the Federal Government to clarify whether the funds had been accessed and how they had been utilised before seeking additional loans.
On whether opposition lawmakers could block the President’s borrowing request, Umeh acknowledged that the ruling party had the numerical strength to secure its approval in the National Assembly.
“We are not rubber stamps, but you don’t have the number to say no to it,” he said.
