Tinubu Borrowed N13trn Without National Assembly Approval, Spent It On Frivolities – Ndume
The Senator representing Borno South, Senator Alli Ndume, has accused President Bola Tinubu of bypassing the National Assembly in many instances to borrow for spurious projects to the tune of N13 trillion.
The All Progressives Congress (APC) senator, while speaking on Arise News Prime Time on Tuesday night, said though he was not against borrowing, in most cases, the borrowing was not for capital projects or verifiable tangible projects.
Ndume said, “Let me say that I am not against borrowing; America, Japan, China,, and other big countries do borrow.
“They borrow for fiscal, tangible, and accountable projects, which they pay back over time. But my worry is what they borrow for.
“For example, in June 2023, they borrowed $500 million for a woman programme called NPMWPS. In the same June 23, 2023, another $800 million was borrowed to cushion the effects of the increase in the price of petroleum products.
“Again on September 23, 2023, $700 million was borrowed for adolescent girl initiatives. Again, in December 2023, $750 million was borrowed for renewable energy scale-up.
“On June 24, 2024, $1.5 billion was borrowed to support Nigeria for economic stabilisation act for the economy. Then another $750 million was borrowed for technical support to stabilise Nigeria’s economy and scale up support for the poor.”
Ndume said by his calculation, the entire money borrowed was $9.45 billion, approximately N13 trillion.
When asked whether the loans were with the approval of the National Assembly, Ndume said, “Not to my knowledge.”
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
Related posts:
Osun Debt: Money Well-Borrowed, Well-Spent – Saka-Layonu
National Assembly’s Approval Unnecessary For E-Transmission Of Results — REC
N30bn Renovated Senate Chamber Without Voting Devices, Resembles Conference Hall — Ndume
JAMB’s N1bn Meals, N850m Fumigation, Money Well Spent, National Assembly Declares
