Key Takeaways
- Anambra Central Senator Victor Umeh criticised President Bola Tinubu’s request for National Assembly approval to borrow $20.5 billion and €1.45 billion externally for 2026–2027.
- Umeh said three budgets were running concurrently and questioned how previous loans were spent, arguing that budgets remained unfunded and contractors remained unpaid.
- Umeh predicted that the National Assembly would approve the latest loan request because ruling party lawmakers would outvote opposition members.
The Senator representing Anambra Central, Victor Umeh has condemned President Bola Tinubu’s request for a new loan.
Reacting during an interview on Channels Television, Umeh questioned how the Federal Government has spent funds from previous borrowings.
He argued that budgetary obligations remain unmet despite repeated approvals for loans.
The senator argued that previous borrowing requests were justified on the grounds that the funds would finance government budgets, yet contractors were still owed for capital projects.
“The truth is that we have approved so much funds to be borrowed in the past, and on each occasion we’ve been told that this borrowing would be able to fund the budgets and these budgets have remained unfunded up till this day,” Umeh said.
