₦13 Trillion Loan Scandal: FG Accused Of Bypassing National Assembly – Ndume

₦13 Trillion Loan Scandal: FG Accused Of Bypassing National Assembly – Ndume

Senator Ali Ndume has accused President Bola Tinubu’s administration of secretly borrowing over ₦13 trillion (approx. $9.45 billion) from international financial institutions without the approval of the National Assembly……..READ MORE

Speaking on Arise News Prime Time, the Borno South senator criticized what he called “reckless and unjustified borrowing” by the Federal Government. While stating that he is not against borrowing in principle, Ndume emphasized that these loans are not for tangible or capital-intensive projects.

> “They borrowed $500 million in June 2023 for a women’s program. Another $800 million that same month to cushion fuel subsidy removal. In September, it was $700 million for adolescent girls. December saw another $750 million for renewable energy,” he recounted.

He also mentioned that in June 2024, the government borrowed $1.5 billion for “economic stabilization,” followed by another $750 million for technical support.

When asked if the loans had the National Assembly’s backing, Ndume responded bluntly: “Not to my knowledge.”

Despite facing backlash from the presidency, Ndume insisted his stance isn’t political or personal.

> “I’m one of the few in the North with a personal relationship with President Tinubu, but that doesn’t mean I should keep quiet. I swore to speak for the people. It’s my duty.”

He said instead of addressing the message, Tinubu’s allies attack him personally — branding him as “frustrated.”