Fresh loan: ‘Where has the money gone?’ Umeh questions FG’s previous borrowings

The Senator representing Anambra Central, Victor Umeh, has questioned President Bola Tinubu’s latest request to the National Assembly seeking the approval to borrow additional funds.

The lawmaker noted that the Senate has on several occasions approved such funds to be borrowed in the past, adding that on each occasion the lawmakers have been told that the borrowing would be to fund the budget but that the budget has remained unfunded up till this day.

Tinubu on Tuesday sought the approval of the National Assembly for fresh $20.5 billion and €1.04 billion external loans to fund critical projects across the country.

Tinubu’s request was conveyed in a letter read by the President of the Senate, Godswill Akpabio, during plenary on Tuesday.

The President said the fresh $20.5 billion and €1.04 billion external loans are needed to fund critical infrastructure and development projects.

Speaking on Channels on Tuesday evening, Senator Umeh said, “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.

“Three budgets are running concurrently, and government is not meeting its obligations to contractors, on capital projects and so on and so forth. So, if you borrow to finance budget and you are not able to finance that budget, where has the money gone to? That is a question in the lips of everybody.”