Senator Victor Umeh, representing Anambra Central Senatorial District, has launched a sharp criticism against the Federal Government’s fiscal management, demanding a full accounting of previous borrowings and pointing out unpaid contractors as President Bola Tinubu seeks legislative approval for an additional $20.5 billion and €1.45 billion in external loans.
Speaking during a live appearance on Channels Television’s political program Politics Today at 7:00 PM on Tuesday, October 27, 2026, the Labour Party lawmaker voiced strong opposition to the administration’s continuous reliance on external debt while citizens continue to face mounting economic hardship. The controversy emerged shortly after President Bola Tinubu’s formal request was presented to the National Assembly.
The executive communication, read during plenary by Senate President Godswill Akpabio at the National Assembly Complex in Abuja, seeks approval for $20,517,755,901 and €1,045,083,643 under the 2026–2027 External Borrowing Plan.
Challenging the justification for the massive facility, Senator Umeh emphasized that despite previous borrowing approvals intended to fund capital budgets, numerous contractors across the country remain unpaid for executed projects.
He noted that three budgets have been running concurrently without adequate funding reaching target sectors, leaving the public to question where previous loan disbursements have gone.
Warning against the country’s escalating debt profile, Umeh stated that Nigeria is simply over-borrowing while citizens groan under severe economic pain, cautioning that if government interventions fail to reduce systemic distress, it signals that the economic crisis has become malignant.
In defense of the borrowing proposal, President Tinubu’s official letter assured lawmakers that the new funds are targeted at bridging Nigeria’s critical infrastructure deficit and expanding key sectors, including agriculture, healthcare, education, security, and job creation.
Following the reading of the letter, Senate President Godswill Akpabio referred the executive request to the Senate Committees on Local and Foreign Debts, as well as Appropriations, instructing them to evaluate the proposal and report back to the full chamber within one week.
However, despite raising the alarm over Nigeria’s debt sustainability, Senator Umeh conceded that the ruling All Progressives Congress (APC) majority in the National Assembly would likely outvote opposition members to pass the loan request.
