Federal lawmaker representing Nnewi North/Nnewi South/Ekwusigo Federal Constituency, Hon. Peter Ifeanyi Uzokwe, has slammed the administration of President Bola Tinubu over indiscriminate borrowing, warning that the country is sinking deeper into debt without tangible results.
Honourable Uzokwe, who spoke during the podcast, Conversation with Prof Jideofor, said the borrowing spree under the current administration had become so alarming that members of the House of Representatives were forced to resist attempts by some executive officials seeking legislative approval for fresh loans.
According to him, successive budgets financed through borrowing have failed to translate into meaningful project execution, leaving contractors abandoned and the economy under severe strain.
“In a country where you keep borrowing to finance the budgets of 2024, 2025 and 2026, yet none of them has been properly funded, contractors are dying. It is a shame for the nation,” he said.
The federal lawmaker further alleged that ministers frequently appeared before the National Assembly seeking approval for loans based largely on verbal assurances from the president.
“They would bring the Minister of Finance to the National Assembly to appeal to us on honour. Another minister would come and say, ‘I have concluded discussions with the President.’ It got so bad that when the tax master came to the chamber, we walked him out. That is how bad it became,” honourable Uzokwe stated.
