‘No Need Taking Nigeria Into Circus Around Borrowing All The Time’ – Umeh

Senator representing the Anambra Central Senatorial District, Victor Umeh, said there is no need to borrow all the time when the government says it has surpassed its revenue targets.

 Naija News reports that Umeh, during an interview on Channels Television’s programme, reacted to President Bola Tinubu’s request to approve additional external borrowing.

Umeh questioned the Federal Government’s request for fresh loans, saying there is no justification for further borrowing.

According to the Senator, the government should account for previous loans and show their impact on Nigerians’ lives.

Umeh said the cost of living has become unacceptable as many people lack money and purchasing power.

He said, “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.

“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.

“What we want to see is how these monies you have borrowed have impacted positively on the lives of the Nigerian people.

“The cost of living has become unacceptable. People don’t have money. They don’t have purchasing power in the midst of soaring costs. When will these things come down? When can people buy petrol or diesel without complaints?”

Umeh also criticised budget implementation, stressing the 2026 capital budget had yet to be implemented as October drew to a close.

He cited a previously approved loan for the eastern rail line, saying no work was underway and urged the government to explain whether it had accessed the funds and how it had used them before seeking more loans.

He stated, “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.

“Part of that $21 billion was $3 billion for the reconstruction of the Eastern Rail Line. No work is going on there.”

Asked whether opposition lawmakers could block the request, Umeh said the governing majority had enough votes to secure approval.

He added, “We are not rubber stamps, but you don’t have the number to say no to it.”