We’ve Approved So Many Funds To Be Borrowed In The Past, But Budgets Have Remained Unfunded–Umeh

According to a report by Daily Post on Tuesday, October 27, 2026, Victor Umeh, the Senator representing Anambra Central, has questioned President Bola Tinubu’s latest request to the National Assembly for approval to secure additional external loans, expressing concerns over the government’s repeated borrowing and the failure to adequately fund previous budgets.

The lawmaker recalled that the Senate had approved several borrowing requests in the past, with the government consistently explaining that the funds were required to finance the national budget.

However, he observed that despite the approvals, the budgets had remained unfunded, raising questions about the purpose and implementation of the borrowing arrangements.

President Tinubu had on Tuesday requested fresh external loans amounting to $20.5 billion and €1.04 billion from the National Assembly.

The proposed borrowing is intended to support critical infrastructure and development projects across different parts of the country as the Federal Government seeks additional resources to execute its programmes.

The President’s request was formally communicated to the lawmakers through a letter presented during Tuesday’s plenary session.

The letter was read by the President of the Senate, Godswill Akpabio, bringing the proposed external borrowing before the upper legislative chamber for consideration.

According to the request, the proposed loans would provide funding for essential projects considered important to the country’s infrastructure and development needs.

The latest proposal comes amid previous borrowing approvals granted by the National Assembly, which Senator Umeh said had repeatedly been linked to financing government budgets.

Speaking during an interview on Channels Television on Tuesday evening, Umeh expressed concern about the continued presentation of borrowing requests despite assurances that previous loans would be used to finance the budget.

He questioned the pattern in which lawmakers approve additional funds while the government continues to explain that the money is needed to meet budgetary requirements.

The senator stated, “We have approved so many funds to be borrowed in the past, and on each occasion, we’ll be told that this borrowing will be to be able to fund the budget and these budgets have remained unfunded.

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