National Assembly Questions FG’s Continued Borrowing, Abaribe Criticises Tinubu’s Jet Purchase

The National Assembly has questioned the Federal Government’s continued borrowing despite surpassing revenue targets for the year. During an interactive session with revenue-generating agencies, lawmakers raised concerns about why the government still sought foreign loans despite exceeding expectations on revenue generation.

The session was part of discussions on the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). It was led by Senator Sani Musa of Niger East zone. The joint Committees on Finance, Budget, and National Planning hosted the agencies to discuss the 2024 budget performance and projections for the 2025 budget, which was set at N49.7 trillion.

The agencies—Nigeria Customs Service (NCS), Nigerian National Petroleum Company Limited (NNPCL), and Federal Inland Revenue Service (FIRS)—reported that they collectively exceeded their revenue targets. These agencies brought in N36.952 trillion, a sum much higher than expected.

Senator Adamu Aliero (PDP, Kebbi Central) was reportedly the first to question why the government still requested foreign loans despite these surplus revenues.

“What is the Federal Government doing with excess revenues generated by the various agencies in view of its unending request for foreign loan approval?” he asked.

In response, the FIRS boss stated that the borrowing plans had already been approved in the 2024 appropriation act and were meant to cover the N9.7 trillion budget deficit. The Minister of Budget and Economic Planning added that the borrowing was necessary to fund critical areas of the budget, particularly in providing for the most vulnerable populations. However, it will be noted that the borrowing has not lessened the hardships experienced by Nigerians.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also defended the borrowing. He said despite higher revenues from agencies, loans were still required for proper funding of the government’s programmes and infrastructure.

In a separate development, Senator Enyinnaya Abaribe, representing Abia South, criticised the government for purchasing a new presidential jet without consulting the National Assembly. It would be recalled that on Thursday, June 27, Senate President Godswill Akpabio stated that the 10th National Assembly had not received any request from the Presidency for the purchase of the said jet.

Despite this, the new Airbus A330 was purchased in August. This led to widespread criticism from Nigerians who believed the President was prioritising luxury while the country struggled with economic hardships.

Abaribe, who spoke during Channels Television’s Politics Today, said,

“I am in the National Assembly, but I can tell you for a fact that nobody, quote me, nobody brought anything to the National Assembly to say please approve this for purchase of a new plane.”

He expressed concern over the lack of consultation and stated that the legislature’s role as a check on the executive was being undermined. He noted that many lawmakers cooperate with the executive in the hopes of achieving progress. This lack of transparency in government’s spending, alongside the continued borrowing, has greatly contributed to the country’s challenges.

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