Key Takeaways
- Senator Victor Umeh questioned President Bola Tinubu’s request for additional external borrowing, arguing that fresh loans were unjustified given the government’s reported revenue performance.
- Umeh said no work was underway on the Eastern Rail Line despite a previously approved $3 billion loan allocation for its reconstruction.
- Umeh urged the government to account for previous loans but said the governing majority had enough votes to approve the fresh borrowing request.
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.
