posted 9th April 2025
Senator Ndume Accuses President Tinubu of Borrowing $9.45bn Without Approval for 'Spurious' Projects
Abuja, 9 April 2025 – Senator Ali Ndume, representing Borno South, has levelled serious accusations against President Bola Tinubu, alleging that the administration has borrowed approximately $9.45 billion (£7.25 billion) without the requisite approval from Nigeria’s National Assembly. In a scathing critique, Ndume branded the funds as being funnelled into “spurious” projects, raising concerns over transparency and accountability in the government’s financial dealings.
Speaking during an interview on Arise Television, the outspoken senator claimed that the borrowings, which began in June 2023, have been tied to vague and unmeasurable initiatives, lacking the tangible outcomes expected from such substantial loans. “Tinubu has borrowed $9.45 billion, and he has not done anything tangible with the money,” Ndume asserted, highlighting what he perceives as a reckless approach to public finances.
Ndume, a prominent member of the ruling All Progressives Congress (APC), clarified that he is not opposed to borrowing in principle, noting that even major global economies like the United States, Japan, and China rely on loans. However, he stressed that such funds should be allocated to “physical, tangible, and accountable projects” that benefit the nation over time. Instead, he accused the Tinubu administration of bypassing the National Assembly’s oversight, claiming that the loans were secured without proper legislative scrutiny or approval.
Among the examples cited by Ndume were a $500 million (£383 million) loan in June 2023 for a women’s programme and a $1.5 billion (£1.15 billion) borrowing on 24 June 2024 to support economic reform and stabilisation. He questioned the visibility and impact of these initiatives, suggesting that the funds have been mismanaged or misdirected. “These are items that are intangible and have nothing to do with infrastructure,” he remarked, contrasting them with investments in railways or other visible developments he would support.
The senator’s allegations come amid growing unease over Nigeria’s rising debt profile, with the country’s total public debt reaching ₦142.32 trillion (£66 billion) by September 2024, according to the Central Bank of Nigeria. Ndume’s comments have sparked a fresh debate about the government’s fiscal responsibility and the lack of parliamentary oversight in approving such significant sums.
In response, the presidency has yet to issue an official statement addressing Ndume’s claims. However, the senator anticipates a backlash from supporters of the president, whom he referred to as “Tinubu boys,” predicting they would “start attacking” him for speaking out. Despite this, Ndume remained defiant, framing his critique as a constitutional duty to hold the executive to account.
As Nigeria grapples with economic challenges, including inflation and a depreciating naira, the controversy over these alleged unauthorised borrowings is likely to intensify calls for greater transparency in how public funds are sourced and spent. For now, Senator Ndume’s bold accusations have cast a spotlight on the Tinubu administration’s financial strategy, leaving many Nigerians questioning where the billions have gone.
