Umeh Questions Nigeria's Need for More Borrowing in 2026

Victor Umeh, the Senator representing the Anambra Central Senatorial District, expressed his concerns regarding President Bola Tinubu's request for approval of additional external borrowing. During an interview on Channels Television, Umeh stated that there is no justification for further borrowing, especially since the government claims to have surpassed its revenue targets.

He called for accountability regarding previous loans, urging the government to demonstrate their positive impact on the lives of Nigerians. Umeh highlighted the unacceptable cost of living, noting that many citizens lack purchasing power amid soaring prices.

He criticized the lack of implementation of the 2026 capital budget, stating that as October neared its end, no work had commenced on previously approved projects, such as the $3 billion loan for the reconstruction of the Eastern Rail Line. Umeh acknowledged that while opposition lawmakers could attempt to block the request, the governing majority possesses enough votes to secure approval.