LP Candidate Calls on Senate to Reject Proposed $1.5bn World Bank Loan

By Praise Chinecherem

The Labour Party senatorial candidate for Anambra Central, Ven. Tochukwu Ikezue, has called on the Senate to reject the Federal Government’s proposed $1.5 billion World Bank loan, citing concerns over Nigeria’s rising public debt and the need for greater accountability in the management of borrowed funds.

Ikezue made the call in a statement issued through his media team, expressing concern over what he described as the country’s continued reliance on external borrowing.

According to him, Nigeria’s total public debt had reportedly risen to N166.79 trillion as of the end of June 2026.

Ikezue said the proposed World Bank financing comprises three separate $500 million facilities targeted at climate resilience, social protection and early childhood development.

While acknowledging the importance of the sectors, the LP candidate questioned the need for additional borrowing without what he described as sufficient accountability and demonstrable results from previous loans obtained by the Federal Government.

He questioned the transparency surrounding earlier borrowings, arguing that Nigerians had yet to see commensurate impact from the billions of dollars borrowed by the country in recent years.

Ikezue also raised concerns about previous borrowings reportedly targeted at social protection and climate-related programmes, saying the impact of such interventions had not been sufficiently evident on the ground.

The LP candidate further criticised what he described as a pattern of borrowing for consumption rather than productive investment.

He urged the Federal Government to focus instead on reducing the cost of governance, blocking financial leakages and improving revenue generation.

Ikezue also expressed concern about the potential economic consequences of additional external borrowing, particularly its possible impact on the naira, inflation and the cost of living, with vulnerable Nigerians potentially bearing the burden.

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.

Ikezue maintained that any additional borrowing should be subjected to thorough scrutiny, with clear evidence of how the funds would be utilised and measurable mechanisms for assessing their impact.

He also called for greater transparency in Nigeria’s debt management and urged policymakers to prioritise productive investments capable of strengthening the economy and improving the welfare of citizens.

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