From Emma Elekwa, Awka
The Labour Party Senatorial Candidate for Anambra Central, Ven. Tochukwu Ikezue, has urged the Senate to reject the federal government’s proposed $1.5 billion World Bank loans, expressing concern over Nigeria’s rising public debt.
Ikezue, in a statement through his media team, said the proposed borrowing was coming at a time when Nigeria’s total public debt had reportedly risen to N166.79 trillion as of the end of June 2026.
According to him, documents from the World Bank indicate that the proposed financing comprises three separate $500 million facilities targeted at climate resilience, social protection and early childhood development.
Acknowledging the importance of the sectors, Ikezue argued that the country could no longer afford to continue accumulating external debts without greater accountability and demonstrable value from previous borrowings.
He questioned the transparency surrounding earlier loans obtained by the federal government, saying Nigerians were yet to see commensurate impact from billions of dollars borrowed in recent years.
The LP candidate particularly cited previous borrowings for social protection and climate-related programmes, arguing that their impact had not been sufficiently evident on the ground.
He also faulted what he described as borrowing for consumption rather than production, saying the government should instead focus on reducing the cost of governance, blocking leakages and improving revenue generation.
He further expressed concern that additional external borrowing could increase economic pressure on Nigerians through its potential effects on the naira and inflation, with vulnerable citizens bearing the consequences.
He therefore called on members of the National Assembly, civil society organisations and Nigerians to oppose what he described as an unsustainable borrowing pattern.
“What Nigeria needs now is fiscal discipline, accountability, and creative leadership, not another $1.5 billion debt,” he said.