Tinubu has been borrowing money with National Assembly approval. – Senator Ali Ndume

Senator Ali Ndume has raised concerns over the rising debt profile under President Bola Tinubu’s administration, questioning the rationale and transparency behind borrowings totaling approximately $9.45 billion (about N13 trillion) since June 2023.

Speaking during an interview on Arise News on Monday evening, the Borno South senator emphasised that he is not opposed to borrowing in principle, but stressed that loans must be for “tangible, accountable” projects.
“Let me first of all say that I’m not against borrowing,” Ndume said. “Even the greatest countries in the world, America, Japan, China, all are big borrowers. But they borrow for physical, tangible, and accountable projects that you spread and pay over time.”

His concern, however, is that Nigeria’s recent loans have not been directed towards such projects. He reeled out a list of recent loans, saying many were for ambiguous or intangible initiatives that do not impact the lives of everyday Nigerians.

“In June 2023, $500 million was borrowed for a women’s program to scale up what they call MPWPLC. Can Nigerians see it? Where are the women?” he asked. “On the same day, $800 million was borrowed to cushion the effect of high petrol prices after fuel subsidy removal.”

Ndume continued: “In September 2023, $700 million was borrowed again for adolescent girls’ learning and empowerment. Then in December, $750 million for renewable energy scale-up. In June 2024, $1.5 billion was borrowed to support Nigeria’s reform for economic stabilisation. That one sounds very spurious, I have to be honest.”

He questioned the visibility and impact of these loans, suggesting that they have yet to translate into meaningful benefits for Nigerians.