Senator Umeh Critiques Nigeria's $20bn Borrowing Plan

Senator Victor Umeh, representing Anambra Central, criticized the Federal Government’s borrowing policy, stating that Nigeria is over-borrowing while citizens endure the consequences of the increasing debt profile. Umeh expressed concerns during an appearance on Politics Today, a program on Channels Television, on Tuesday.

He reacted to President Bola Tinubu’s request for the National Assembly to approve a new external borrowing plan amounting to $20.5 billion and €1.045 billion under the 2026–2027 Supplementary External Borrowing Plan. Umeh questioned the government's fiscal responsibility and the impact of borrowing on the quality of life for Nigerians, arguing that the continued hardship indicates ineffective government policies.

He likened the situation to a patient receiving ineffective treatment, asserting that borrowing should yield benefits that improve citizens' lives. Umeh emphasized that the management of public resources has been poor, and the justification for borrowing should be based on the tangible benefits delivered to the economy and the people.