If Nigeria Stops Borrowing, Economy May Collapse – Kalu

Senator Orji Uzor Kalu emphasized that every bill passed by the National Assembly followed the established legislative process, asserting that a law holds legitimacy only after going through the proper procedural stages. In his view, this adherence to process is the core of true legislative responsibility.

Addressing critiques that lawmakers were falling short in their oversight roles, Kalu rejected such claims, citing the recent passage of the tax bill as a prime example of thorough and responsible lawmaking. He argued that the public often misinterprets legislative-executive cooperation, expecting visible clashes, whereas real leadership calls for calculated, level-headed engagement for the good of the country.

Kalu recalled going to personally commend the Senate President after the bill cleared the chamber, noting the intense effort it took to reach that point. He described how lawmakers spent multiple evenings—many running well past regular hours—meticulously analyzing the bill, clause by clause. For him, this level of scrutiny is proof of an active and autonomous Senate, not one simply rubber-stamping directives from the executive branch.

“Let me tell you, if this economy does not borrow, it will collapse. That is the truth. That is where we are,” the former Abia State Governor said.

When pressed on whether legislators adequately scrutinise requests for loans, Kalu insisted that the oversight process remains intact.

“Of course. The Committee on Foreign Debt and Local Debt scrutinises them. I’m not a member of that committee. These jobs are mainly done at the committee level. For me, the National Assembly has done its job,” he explained.

Read also: Orji Uzor Kalu – Igbos Never Forget

In April 2025, Nigeria fully repaid the $3.4 billion IMF loan it obtained under the Rapid Financing Instrument during the COVID-19 crisis. However, the country will continue to pay around $30 million annually in Special Drawing Rights (SDR) charges related to the facility.

Despite this, Nigeria plans to borrow an additional $26 billion between 2025 and 2026 to address deficits and spur economic growth, a move many Nigerians have faulted, accusing the National Assembly of being a “rubber stamp”.

But the former Senate Chief Whip has dismissed the criticism, insisting that the due legislative processes are always followed.

Senator Orji Uzor Kalu emphasized that every bill passed by the National Assembly followed the established legislative process, asserting that a law holds legitimacy only after going through the proper procedural stages. In his view, this adherence to process is the core of true legislative responsibility.

Addressing critiques that lawmakers were falling short in their oversight roles, Kalu rejected such claims, citing the recent passage of the tax bill as a prime example of thorough and responsible lawmaking. He argued that the public often misinterprets legislative-executive cooperation, expecting visible clashes, whereas real leadership calls for calculated, level-headed engagement for the good of the country.

Kalu recalled going to personally commend the Senate President after the bill cleared the chamber, noting the intense effort it took to reach that point. He described how lawmakers spent multiple evenings—many running well past regular hours—meticulously analyzing the bill, clause by clause. For him, this level of scrutiny is proof of an active and autonomous Senate, not one simply rubber-stamping directives from the executive branch.

Africa Today News, New York