A former member of the House of Representatives, Hon. Dada Awoleye, has called on serving lawmakers to exercise stricter oversight on loan requests from the executive arm of government, stressing the need for transparency and accountability in the management of borrowed funds.
Speaking on the BCOS live television programme “Gbagede Oselu” in Ibadan on Saturday, Awoleye raised concerns over Nigeria’s growing debt burden and the apparent lack of visible projects linked to funds obtained through borrowing.
He emphasised that no government—whether at the federal or state level—can secure loans without legislative approval, thereby placing a significant responsibility on members of the National Assembly to ensure due diligence.
Awoleye urged lawmakers to thoroughly scrutinise every loan request before granting approval and to actively monitor the utilisation of such funds to ensure they are applied to their intended purposes.
The former legislator also criticised what he described as the federal government’s failure to provide clear details on how borrowed funds have been spent since assuming office.
According to him, while Nigerians are regularly informed about new borrowing plans, there is little to no communication regarding the specific projects financed with those loans.
He noted that the National Assembly had approved multiple borrowing requests within the month, including one running into millions of dollars, yet the public remains largely unaware of the projects tied to these funds.
Awoleye maintained that citizens deserve to know not only when loans are being secured but also how the funds will be utilised, enabling public monitoring and accountability.
He further expressed concern that a substantial portion of borrowed funds may be going into the cost of governance rather than critical infrastructure and development projects that directly benefit Nigerians.
Advocating reforms, Awoleye reiterated his support for a unicameral legislature, arguing that operating a single legislative chamber would significantly reduce governance costs while maintaining effective representation.
However, he stressed that meaningful reductions in governance costs would require collective commitment from all arms of government—the executive, legislature, and judiciary. Without such unified support, he warned, efforts at cost-cutting would yield little result.
Questioning the sincerity of ongoing cost-reduction campaigns, including the promotion of made-in-Nigeria products, Awoleye pointed out the absence of locally manufactured vehicles in official convoys.
He concluded by urging members of the National Assembly to take the lead in driving efforts to reduce the cost of governance, describing it as a responsibility that lawmakers must champion for the benefit of Nigerians.
