…Says past loans failed to ease hardship
…2026 capital budget yet to be implemented
…Rising fuel prices show loans haven’t eased hardship
…No work on Eastern Rail Line despite $3bn loan approval
By Juliet Umeh
Senator Victor Umeh has questioned the Federal Government’s request for fresh loans, saying there is no justification for further borrowing when the government says it has surpassed its revenue targets.
Umeh, who represents Anambra Central, spoke on Channels Television’s programme, where he reacted to the President’s request for approval of additional external borrowing. He said the government should account for previous loans and show their impact on Nigerians’ lives.
“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,” he said.
Umeh said previous loans had been presented as funding for infrastructure, but Nigerians were yet to see the results.
“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,” he said.
He added: “What we want to see is how these monies you have borrowed have impacted positively on the lives of the Nigerian people.”
He said the country was in distress, with living costs rising while many people lacked money.
“The cost of living has become unacceptable. People don’t have money. They don’t have purchasing power in the midst of soaring costs,” he said.
Citing fuel prices, he said he had bought petrol at N1,410 per litre, while diesel was selling for about N1,889 per litre.
“When will these things come down? When can people buy petrol or diesel without complaints?” he asked.
Umeh criticised budget implementation, saying the 2026 capital budget had yet to be implemented as October drew to a close.
“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,” he said.
He cited a previously approved loan for the eastern rail line, saying no work was under way.
“Part of that $21 billion was $3 billion for the reconstruction of the Eastern Rail Line. No work is going on there,” he said.
He said the government should explain whether the funds had been accessed and how they had been used before seeking more loans.
Asked whether opposition lawmakers could block the request, Umeh said the governing majority had the numbers to secure its approval.
“We are not rubber stamps, but you don’t have the number to say no to it,” he said.
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