Ikezue Urges Senate to Reject Proposed $1.5bn World Bank Loans, Cites Rising Debt
By Chizoba Njaka
The Labour Party Senatorial Candidate for Anambra Central, Ven. Tochukwu Sagacious Ikezue, has called on the Senate to reject the Federal Government’s proposed $1.5 billion World Bank loans, citing concerns over the country’s rising public debt.
Ikezue made the call in a statement issued through his media team, noting that the proposed borrowing was coming against the backdrop of Nigeria’s reported total public debt of N166.79 trillion as of the end of June 2026.
He said documents from the World Bank indicated that the proposed financing comprised three separate $500 million facilities intended to support climate resilience, social protection and early childhood development.
While acknowledging the importance of the sectors targeted by the proposed loans, Ikezue argued that Nigeria should exercise greater caution in accumulating external debt, particularly in the absence of what he described as sufficient accountability and demonstrable value from previous borrowings.
He questioned the transparency surrounding earlier loans secured by the Federal Government, arguing that Nigerians had yet to see commensurate results from billions of dollars borrowed in recent years.
The Labour Party candidate specifically referenced previous borrowings for social protection and climate-related programmes, expressing concern that their impact had not been sufficiently evident in communities across the country.
Ikezue also criticised what he described as a pattern of borrowing for consumption rather than production. He urged the government to prioritise reducing the cost of governance, blocking financial leakages and improving domestic revenue generation.
He further expressed concern that increased external borrowing could place additional economic pressure on Nigerians through its potential effects on the naira and inflation, with vulnerable citizens likely to bear 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.
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