Nigerian senator Victor Umeh challenges new foreign borrowing
By the AFREEQUE newsroom, based on Vanguard
Nigerian Senator Victor Umeh says the government has not justified new foreign borrowing while claiming to exceed its revenue targets. He is demanding an account of how previous loans were used, as their effects on infrastructure and the cost of living remain disputed, according to Vanguard.
Nigerian Senator Victor Umeh has challenged the federal government’s request for new foreign loans, saying it should first account for how previous loans have been used. He spoke on Channels Television about President Bola Tinubu’s request for authorisation, reports Vanguard.
Victor Umeh, who represents Anambra State in the Senate, says government revenue has exceeded forecasts and that the government must demonstrate the impact of borrowing on Nigerians’ lives. He pointed in particular to the rising cost of living, saying he had bought petrol for 1,410 naira a litre and diesel for about 1,889 naira.
The senator also criticised delays in implementing the 2026 capital budget, with the year drawing to a close. He cited the approved $3 billion loan for reconstruction of the Eastern railway line, saying that no work was under way there.
President Tinubu has asked the Senate to authorise new foreign borrowing of $20.52 billion and €1.045 billion. Tinubu’s request for foreign loans
