Senator Orji Kalu, representing Abia North Senatorial District, has defended Nigeria's borrowing strategy, warning that the country's economy could collapse without external financing.

Speaking on Monday's edition of Channels Television's Politics Today, the former Senate Chief Whip addressed criticisms regarding the National Assembly's role in approving executive loan requests amid growing concerns over Nigeria's rising debt profile.

"Let me tell you, if this economy does not borrow, it will collapse. That is the truth. That is where we are," Kalu stated emphatically during the interview.

When questioned about whether legislators adequately scrutinize loan requests, the senator insisted that proper oversight processes remain 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.

The senator's comments come at a time when Nigeria plans to borrow an additional $26 billion between 2025 and 2026 to address deficits and stimulate economic growth. This is despite the country having fully repaid a $3.4 billion IMF loan in April 2025, which was obtained under the Rapid Financing Instrument during the COVID-19 crisis.

Nigeria will continue to pay approximately $30 million annually in Special Drawing Rights (SDR) charges related to the facility.

Defending Legislative Processes

The former Abia State Governor dismissed criticisms that the National Assembly functions as a "rubber stamp" for the executive branch, insisting that due legislative processes are always followed.

"Any law or anything you see passed in the National Assembly has gone through the level it's supposed to. Once it takes its course, I'm satisfied. That's the definition of lawmaking," Kalu maintained.

He further rebuffed suggestions that lawmakers were failing to perform their oversight role, citing the recent passage of the tax bill as evidence of the Senate's diligence.

"We are very thorough. People just want to see us fighting with the executive. We are adults. We cannot fight. For the interest of Nigeria, we have mechanisms to safeguard that," he stated.

"The day we passed the tax bill, I went to the Senate President's house to congratulate him. It was a thorough job. All the evenings we were there—seven o'clock, six o'clock—we took it one by one. That's not what a rubber stamp does," Kalu concluded.