Victor Umeh Critiques Tinubu's $20.5bn Loan Proposal

Victor Umeh, the Senator representing Anambra Central, condemned President Bola Tinubu's request for a new loan of $20.5 billion and €1.45 billion, which was submitted to the National Assembly as part of the Federal Government’s 2026–2027 supplementary external borrowing plan. During an interview on Channels Television, Umeh expressed concerns regarding the government's management of funds from previous borrowings, highlighting that despite multiple approvals for loans, budgetary obligations remain unmet.

He pointed out that contractors for capital projects are still owed payments, questioning where the borrowed funds have gone if they were intended to finance the budgets. Umeh noted that three budgets are currently running concurrently without the government fulfilling its obligations to contractors.

He suggested that the latest loan request would likely receive legislative approval, as opposition lawmakers would be outvoted by members of the ruling party.