Senator Victor Umeh has questioned the Federal Government’s request for fresh external loans, demanding accountability for previous borrowings amid rising living costs and concerns over capital budget implementation.
Umeh, who represents Anambra Central Senatorial District, made the remarks during an interview on Channels Television while reacting to the President’s request for approval of additional external borrowing.
He argued that the government had no sufficient justification for further borrowing, given its reported achievement of revenue targets, and urged it to demonstrate how previous loans had improved Nigerians’ living conditions.
“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 and emergency needs, but questioned the tangible benefits of the funds to citizens.
Umeh expressed concern over the rising cost of living, saying many Nigerians were struggling with reduced purchasing power amid increasing prices of essential commodities.
Citing fuel prices, he said he purchased petrol at ₦1,410 per litre, while diesel sold for about ₦1,889 per litre, questioning when Nigerians would experience relief from the high costs.
The lawmaker also criticised the pace of budget implementation, claiming that the 2026 capital budget had yet to be implemented as October drew to a close, leaving limited time for projects to be executed before the end of the year.
He further cited the Eastern Rail Line reconstruction project, saying that despite the reported allocation of $3 billion from a previously approved $21 billion borrowing plan, construction 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.
Umeh called on the Federal Government to clarify whether the funds had been accessed and explain how previous loans had been utilised before seeking additional external financing.
On whether opposition lawmakers could stop the latest borrowing request, the senator acknowledged that the governing majority had sufficient numbers to secure its approval.
“We are not rubber stamps, but you don’t have the number to say no to it,” he said.
He maintained that the government should prioritise accountability and demonstrate measurable benefits from previous borrowings before committing the country to further debt.