{"id":1951,"date":"2026-10-27T19:34:04","date_gmt":"2026-10-27T19:34:04","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/27\/no-justification-for-fresh-borrowing-amid-revenue-gains-umeh\/"},"modified":"2026-10-27T19:34:04","modified_gmt":"2026-10-27T19:34:04","slug":"no-justification-for-fresh-borrowing-amid-revenue-gains-umeh","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/27\/no-justification-for-fresh-borrowing-amid-revenue-gains-umeh\/","title":{"rendered":"No justification for fresh borrowing amid revenue gains \u2014 Umeh"},"content":{"rendered":"
\"No<\/p>\n

\u2026Says past loans failed to ease hardship<\/p>\n

\u20262026 capital budget yet to be implemented<\/p>\n

\u2026Rising fuel prices show loans haven\u2019t eased hardship<\/p>\n

\u2026No work on Eastern Rail Line despite $3bn loan approval<\/p>\n

\n

By Juliet Umeh
Senator Victor Umeh has questioned the Federal Government\u2019s request for fresh loans, saying there is no justification for further borrowing when the government says it has surpassed its revenue targets.
Umeh, who represents Anambra Central, spoke on Channels Television\u2019s programme, where he reacted to the President\u2019s request for approval of additional external borrowing. He said the government should account for previous loans and show their impact on Nigerians\u2019 lives.
\u201cFrom what they have told us, there is no justification for the borrowing. Since you have surpassed your revenue expectations, there is no need taking the country into a circus around borrowing all the time,\u201d he said.
Umeh said previous loans had been presented as funding for infrastructure, but Nigerians were yet to see the results.
\u201cAll the borrowing plans we have approved before have been hinged on the development of infrastructure. When you ask where the money is going, you are told the government needs money for emergencies,\u201d he said.
He added: \u201cWhat we want to see is how these monies you have borrowed have impacted positively on the lives of the Nigerian people.\u201d
He said the country was in distress, with living costs rising while many people lacked money.
\u201cThe cost of living has become unacceptable. People don\u2019t have money. They don\u2019t have purchasing power in the midst of soaring costs,\u201d he said.
Citing fuel prices, he said he had bought petrol at N1,410 per litre, while diesel was selling for about N1,889 per litre.
\u201cWhen will these things come down? When can people buy petrol or diesel without complaints?\u201d he asked.
Umeh criticised budget implementation, saying the 2026 capital budget had yet to be implemented as October drew to a close.
\u201cIn the 2026 budget, there is no implementation of the capital budget yet. This is the end of October. We have barely one month until the end of the year,\u201d he said.
He cited a previously approved loan for the eastern rail line, saying no work was under way.
\u201cPart of that $21 billion was $3 billion for the reconstruction of the Eastern Rail Line. No work is going on there,\u201d he said.
He said the government should explain whether the funds had been accessed and how they had been used before seeking more loans.
Asked whether opposition lawmakers could block the request, Umeh said the governing majority had the numbers to secure its approval.
\u201cWe are not rubber stamps, but you don\u2019t have the number to say no to it,\u201d he said.<\/p>\n

The post No justification for fresh borrowing amid revenue gains \u2014 Umeh<\/a> appeared first on Vanguard News<\/a>.<\/p>\n<\/div>\n

Source: <\/p>\n

Vanguard News<\/div>\n","protected":false},"excerpt":{"rendered":"

\u2026Says past loans failed to ease hardship \u20262026 capital budget yet to be implemented \u2026Rising fuel prices show loans haven\u2019t eased hardship \u2026No work on Eastern Rail Line despite $3bn… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1951","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/1951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=1951"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/1951\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=1951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=1951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=1951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}