Muhammed Ali Ndume, Senator representing Borno South at the National Assembly, has once again carpeted President Bola Tinubu’s administration, this time, questioning the relevance of the projects for which a whopping $9.5billion borrowed from foreign lenders had been sunk.
All but dismissing the profile of the borrowings as frivolous, the fiery lawmaker, whose previous attacks on the President’s policies earned him a backlash from the All Progressives Congress (APC), which stripped him of his Chief Whip of the Senate position in 2024, returned to make mockery of the penchant of Tinubu to go for all manner of funny loans.
To him, the issue was not about borrowing but the purpose of the loans and their impact to the country now and in future, especially when generations unborn would be required to pay back, adding that he would even encourage the President to borrow more if the proceeds were plunged into tangible projects that would uplift and sustain the Nigerian economy.
Hear him: “Let me say first of all that I’m not against borrowing. Even the greatest countries in the world – America, Japan, China – all are big borrowers. But they borrow for physical, tangible and countable projects that you spread and pay over time. But my worry is not even in the borrowing, it’s what you borrow for. Let me give you quickly a rundown of what I’m talking.
“You see, in June, 2023, $500million was borrowed for women programme to scale up MPWPS. Can you see that? Can Nigerians see it? Where are the women?
“Then, on June 23rd, the same day, $800million was borrowed to cushion the impact of high petrol prices after fuel subsidy removal. How? Where? Then on September 23rd, 2023 under the same government, $700million was borrowed again for Adolescent Girls Initiative for Learning and Empowerment.
“Then in December, 23rd $750million was borrowed through what they called Renewable Energy Scale-up. On June 24, 2024, $1.5billion was borrowed to support Nigerian Reform for Economic Stabilisation to Enable Transformation. Then on June 24th, $750million was borrowed for Immediate Financial and Technical Support for Efforts to Stabilise the Economy and to Scale-up Support for the Poor and Most Economically.
“Where are the poor people? Look, whenever you’re doing something, if it is true, somebody will come out to say thank you. What passes through the Senate – these are itemized. You don’t pass the bulk, you pass the itemised.
“These itemised borrowings were not passed. Not to my knowledge, because the Medium Term Expenditure Framework is something they bring and we look at it and maybe approve it. These things are bypassed. Before you pass the budget annually, there is the Mid-Term Expenditure Framework that must come to the National Assembly for approval.
“These are the things the government is anticipating to do. But that is not to say that even if it is approved it is a blanket approval. No. Every item must be accounted for. Because you need to ask questions, how are you going to do that? How is it important. Where is the money? What are the terms? All these things are supposed to be discussed first before you engage in it.
“That is the National Assembly approval. But as I said, when you total these borrowings, the figure I get is about $9.45billion, which amounts to about N13trillion. And as I said, I mentioned most of them. These are items that either intangible or have nothing to do with infrastructure. I would have supported for example, that the country is borrowing even more than that to build our infrastructures – to build railways.
“These things are not tangible things that you can hold on to and these are things that you pay back in the next 40-50 years. That time, we’re gone. Am I going to tell my child or grandchild that we borrowed $700million an we’re paying in 20-30 years for Adolescent Girls Initiative? Nigeria fortunately, has enough human capital that we need to tap into. We have the human assets.
“I’m acting in my best principles as a Senator and a member of the APC. I’m a Bonafide member of the APC – in fact, one of those that signed as a Senator unto the initial formation of the APC. I’ve been there. Nigeria is my country. As I said, I don’t have any other country.
“I hear them talking about 2027 all the time. But for me, I’m talking about today. I’m 65. I thank God for my life. All these people shouting about 2027 they don’t believe in God, because 2027 two years ahead and you don’t know if Ndume is going to be alive then or even the President. They’re busy shouting about 2027. We’ve just finished with the mandate. We’re just two years. In fact until next month, the President is just two years old and you’re talking about 2027.
“By the time the President is performing very well and Nigerians are happy, nobody will start talking about competing with Mr. President. It will be automatic. But as it is now, they keep on talking nonsense, as far as I’m concerned. Because, three things will determine whether this government is going to succeed or nor. One, security, two, welfare of the citizens and three that is related to the welfare is the economy itself. If it is not performing, then you can go and be talking nonsense, you cannot work.
“I’m Muhammed Ali Ndume. God created me differently and I’m going to account for my actions. If everything is to go the way I want, there would have been only one person in the Senate and that’s me. But that is not. So, we have 109 of us different senatorial districts, different makeup – God created us differently. God did not create two persons at a time.
“So, I cannot speak for them. And I cannot say my colleagues – but let me tell you, I have the support of my people, including my colleagues. The only difference is that they can’t come out and take the bullet the way I do. They’re always thinking that something will come.”