By Joyce Ekeh
Senator Victor Umeh has challenged the Federal Government’s fresh borrowing plan, insisting that rising revenue, an unimplemented 2026 capital budget and the lack of visible results from previous loans leave no justification for piling more debt on Nigerians.
Umeh, who represents Anambra Central, spoke on Channels Television while reacting to President Bola Tinubu’s request for approval of additional external borrowing, urging the government to account for existing loans and demonstrate their impact before seeking fresh funds.
“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 said previous borrowing plans had been justified on the grounds of infrastructure development, but Nigerians were yet to see corresponding benefits.
“All the borrowing plans we have approved before have been hinged on the development of infrastructure. When you ask where the money is going, you are told the government needs money for emergencies,” he said.
He added: “What we want to see is how these monies you have borrowed have impacted positively on the lives of the Nigerian people.”
Umeh said the economic hardship facing Nigerians made it imperative for the government to show how its borrowing had improved living conditions, citing soaring fuel prices and declining purchasing power.
“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 disclosed that he bought petrol at N1,410 per litre, while diesel sold for about N1,889 per litre, questioning when Nigerians would begin to enjoy relief.
“When will these things come down? When can people buy petrol or diesel without complaints?” he asked.
The lawmaker also criticised the implementation of the 2026 budget, alleging that the capital component remained unimplemented as October drew to a close, leaving little time for projects to be executed before the end of the year.
“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,” he said.
Umeh further cited the Eastern Rail Line, for which he said $3 billion had been earmarked under a previously approved $21 billion borrowing plan, alleging that reconstruction work had yet to commence.
“Part of that $21 billion was $3 billion for the reconstruction of the Eastern Rail Line. No work is going on there,” he said.
He urged the Federal Government to clarify whether the funds had been accessed and explain how they had been utilised before requesting additional loans.
On whether opposition lawmakers could block the latest borrowing request, Umeh acknowledged that the governing majority had enough numbers to secure its approval but insisted that lawmakers should scrutinise government borrowing.
“We are not rubber stamps, but you don’t have the number to say no to it,” he said.
