No justification for fresh borrowing amid revenue gains, Umeh says

Senator Victor Umeh, who represents Anambra Central, challenged the Nigerian Federal Government’s request for fresh borrowing, saying it was unjustified after the government reported exceeding its revenue targets. He called for an account of previous loans and their impact on Nigerians, pointing to the rising cost of living, petrol at 1,410 naira per litre and diesel at about 1,889 naira. Umeh said the 2026 capital budget had not been implemented by late October and that no work had begun on the Eastern Rail Line despite $3 billion being approved for its reconstruction. He acknowledged that the governing majority had enough votes to approve the new borrowing request.