You Borrow To Finance Budget, You are Not Able To Finance That Budget, Where Has Money Gone To? — Senator Umeh

Senator Victor Umeh, representing Anambra Central Senatorial District, has questioned the whereabouts of funds borrowed by the Federal Government to finance national budgets, alleging that the government has yet to meet several financial obligations despite repeated borrowing. Umeh made the remarks during an interview on Channels Television on Tuesday, October 27, 2026.

The senator argued that successive borrowing approvals had been justified on the grounds that the funds would be used to finance government budgets. However, he questioned why the government continued to struggle to meet its obligations despite obtaining approval to borrow substantial sums.

“But the truth is that we have approved so much 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, to fund the budget. And these budgets have remained unfunded up to this date,” he said.

Umeh further claimed that three budgets were running concurrently, while the government had yet to meet its financial obligations to contractors handling capital projects. “Three budgets are running concurrently, and government is not meeting its obligations to contractors on capital projects, and so on and so forth,” the senator said.

Umeh argued that the situation required the government to explain how funds obtained through previous borrowing arrangements had been spent, particularly when the stated objective was to finance budget implementation.

“So, if you borrow to finance budgets, and you are not able to finance that budget, where has the money gone to? That is a question in the lips of everybody,” he said.

COURTESY: AayeeshaUPDATE