Senator Victor Umeh has questioned the Federal Government’s continued borrowing, arguing that Nigeria’s rising public debt has not translated into improved living conditions for citizens.
Speaking on the country’s economic situation, the Anambra Central senator said the focus should go beyond debt-to-GDP calculations to whether government policies are actually improving the lives of Nigerians.
He noted that citizens are struggling under current economic conditions, adding that even wealthy Nigerians are now feeling the pressure.
“We are over-borrowing in simple terms,” Umeh said, while questioning how the funds being borrowed are being used.
The lawmaker accused the government of poor resource management and stressed that borrowed funds should be channelled into projects capable of improving citizens’ quality of life.
Raising concerns over Nigeria’s debt, which he put at about ₦166 trillion, Umeh asked: “And if you have borrowed it, where have you put the money?”
He further questioned why the country could borrow billions of dollars without adequately addressing critical challenges such as refining capacity.
“If you can borrow 21 billion dollars, 22 billion dollars, 20 billion dollars, how much will you need to build a refinery?” he queried.
Umeh said that despite massive borrowing over the years, Nigerians remain burdened by high petroleum product prices and other economic difficulties.
He concluded that any government policy that fails to reduce the suffering of the people cannot be considered effective.
“If you are doing anything and it is not reducing the pain in the system, then it means that the sickness has become malignant,” he said.
The senator’s remarks came amid President Bola Tinubu’s request to the National Assembly for approval of fresh external loans.
AbdulBasit Saba is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
