Amid mounting concerns over Nigeria’s growing debt profile, Senator Orji Uzor Kalu has stated that borrowing remains critical to keeping the country’s economy afloat, insisting that failure to secure external financing could lead to economic collapse.
Speaking during a televised interview on Monday, the former Governor of Abia State defended the federal government’s loan requests and dismissed claims that the National Assembly merely rubber-stamps executive borrowing proposals.
“Let me tell you, if this economy does not borrow, it will collapse. That is the truth. That is where we are,” Senator Kalu said.
When asked whether lawmakers conduct sufficient scrutiny of such requests, he said the oversight functions remain active and robust.
“Of course. The Committee on Foreign Debt and Local Debt scrutinises them. I’m not a member of that committee. These jobs are mainly done at the committee level. For me, the National Assembly has done its job,” he explained.
Oversight, Not Rubber Stamping
Nigeria repaid the $3.4 billion IMF loan secured during the COVID-19 pandemic under the Rapid Financing Instrument in April 2025. However, the country continues to pay about $30 million annually in Special Drawing Rights (SDR) charges related to the facility. Despite this, the government has proposed new borrowings of approximately $26 billion between 2025 and 2026 to address fiscal deficits and stimulate economic growth.
Critics have expressed frustration at what they perceive to be a lack of accountability in the legislative process, but Senator Kalu maintained that due diligence is always observed.
“Any law or anything you see passed in the National Assembly has gone through the level it’s supposed to,” he said. “Once it takes its course, I’m satisfied. That’s the definition of lawmaking.”
He cited the recent passage of the tax bill as evidence of the Senate’s commitment to thorough legislative review.
“We are very thorough. People just want to see us fighting with the executive. We are adults. We cannot fight. For the interest of Nigeria, we have mechanisms to safeguard that.
“The day we passed the tax bill, I went to the Senate President’s house to congratulate him. It was a thorough job. All the evenings we were there—seven o’clock, six o’clock—we took it one by one. That’s not what a rubber stamp does,” he said.
‘Nigerians Still Suffering’
Addressing the economic hardship many citizens continue to face, Kalu acknowledged that while macroeconomic reforms are underway under President Bola Tinubu’s administration, the benefits have yet to reach ordinary Nigerians.
“The macro side is coming, but the other downsides are not coming very well. Nigerians in the lower area are still suffering. They have not started having the benefit of the changes President Tinubu is making,” he said.
The senator attributed the slow pace of economic relief to persistent insecurity, which he said has disrupted agriculture and other productive sectors.
“It’s going to take another one to two years for the changes to come. Some people working with Tinubu should be relieved of their duties,” he added.
