Senator Victor Umeh has criticised the Federal Government over Nigeria’s growing debt, questioning why the country continues to borrow heavily while citizens struggle with economic hardship.
Umeh said the real measure of government performance should be whether its policies improve people’s lives, rather than simply looking at the country’s debt-to-GDP ratio. He added that even wealthy Nigerians are feeling the impact of the current economic situation.
Using a medical example, the senator argued that any treatment that fails to improve a patient’s condition is not working. He said the same applies to government policies that do little to ease suffering.
“We are over-borrowing in simple terms,” Umeh said, raising concerns about how the borrowed money is being spent.
He accused the government of poor resource management and questioned its commitment to fiscal responsibility. According to him, loans should fund projects that improve the quality of life of Nigerians.
Umeh also expressed concern over the country’s debt, which he said had reached about ₦166 trillion.
“And if you have borrowed it, where have you put the money?” Umeh asked.
He further questioned why the government could borrow billions of dollars without adequately addressing major challenges, including the country’s refinery capacity.
“If you can borrow 21 billion dollars, 22 billion dollars, 20 billion dollars, how much will you need to build a refinery?” he queried.
He noted that despite years of heavy borrowing, Nigerians still face high petroleum product prices and other economic difficulties.
“If you are doing anything and it is not reducing the pain in the system, then it means that the sickness has become malignant,” he said.
