Senator Victor Umeh has questioned the Federal Government’s plan to secure additional external loans, arguing that authorities should explain how previous borrowings have benefited Nigerians before seeking more funds.
According to a report by Vanguard, Umeh, who represents Anambra Central, made the remarks during an appearance on Channels Television while discussing the President’s request for approval of further external borrowing.
The senator argued that the government’s reported performance against its revenue targets raised questions about the need for additional loans. He called for greater transparency regarding the use of funds previously approved for infrastructure and other projects.
Umeh also expressed concern about the cost of living, saying rising prices had reduced Nigerians’ purchasing power. He cited petrol selling at N1,410 per litre and diesel at approximately N1,889 per litre as examples of the financial pressure facing households and businesses.
The lawmaker further questioned the implementation of the 2026 capital budget, arguing that progress on government funded infrastructure projects remained unclear as the year approached its final months.
He specifically raised concerns about a previously approved $3 billion allocation for the reconstruction of the Eastern Rail Line, claiming that work had yet to begin. He urged the government to clarify whether the funds had been accessed and how they had been utilised.
Umeh maintained that Nigerians needed evidence of the benefits of earlier borrowing before the country committed itself to additional debt.
On the possibility of opposition lawmakers stopping the latest request, he acknowledged that the governing majority had sufficient numbers to secure its approval, despite his criticism of the proposal.
SOURCE: NewsGrid
