The Presidency has strongly dismissed the recent comments made by former Kogi West lawmaker, Senator Dino Melaye, on Nigeria’s debt profile, describing his statements as “political theatrics” meant for entertainment rather than serious economic debate.
In an interview on Arise Television earlier this week, Melaye launched a scathing attack on the Tinubu administration’s borrowing practices, mocking what he described as an “unprecedented appetite for loans.” According to him, Nigeria’s debt situation was so dire that the Federal Government might soon be forced to borrow from local fintech companies if the borrowing trend continues unchecked.
Melaye also raised questions about the rationale behind the government’s fresh loan requests, particularly the Senate’s approval of about $21 billion in external borrowing and a new $1.7 billion facility from the World Bank. He accused the Tinubu administration of paying lip service to the elimination of waste while at the same time piling up debts that could mortgage the nation’s future.
“This borrowing is becoming reckless and unsustainable. If care is not taken, very soon this government will start borrowing from Paylater, PalmPay, and other fintech firms,” Melaye said in a mocking tone. “The scale of loans being contracted is unprecedented, and it contradicts their claims of fiscal discipline. Instead of reducing waste, what we are seeing is misgovernance, maladministration, hunger, and malnutrition.”
The former lawmaker further used the platform to declare the Peoples Democratic Party (PDP) “dead and buried,” alleging that the party had been hijacked and was now being controlled by agents of the ruling APC from the presidential villa. “Apart from our Lord Jesus Christ, no dead can rise again. PDP is dead and buried. The party was sold, and I’m not sure they even got the receipt. What you have now is an APC-controlled PDP,” he declared.
Melaye, who contested under the PDP platform in the past, revealed that he had now joined the African Democratic Congress (ADC), which he described as the only credible alternative capable of unseating the APC in the 2027 general elections. “I’m a proud member of the ADC, and by the grace of God, that is the party that will unseat Tinubu and send APC out of the villa come May 29, 2027,” he said.
But in a swift rebuttal, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, dismissed Melaye’s remarks as baseless and misleading. Writing on his verified X handle, Dare accused the former senator of deliberately misrepresenting Nigeria’s debt situation for political gain.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth. Until he acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare wrote.
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According to Dare, Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, based on figures from the Debt Management Office (DMO). He explained that the increase in the debt stock was not a result of reckless borrowing but rather the impact of naira depreciation on existing external loans.
He further argued that Nigeria’s debt-to-GDP ratio remains moderate compared to other African countries, standing between 40 and 45 percent. “For context, South Africa’s debt-to-GDP ratio is about 70 percent, while Ghana’s exceeds 90 percent. Nigeria’s position is still sustainable. The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” he said.
Dare urged Nigerians to ignore “political soundbites” and focus on the real economic reforms being implemented by the Tinubu government. He stressed that loans were being deployed to finance infrastructure and reforms that would yield long-term benefits for the country, not squandered on wasteful expenditure as critics claim.
“Borrowing remains a legitimate tool for financing reforms and infrastructure. What Nigerians must pay attention to is whether the borrowing is sustainable and targeted at productive ventures. That is what this government is committed to,” Dare said.
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The Presidency’s sharp dismissal of Melaye’s criticism adds to the growing debate over the Tinubu administration’s handling of Nigeria’s debt. While the government insists that borrowing is a necessary tool for bridging fiscal gaps and financing development, critics argue that the pace of borrowing is too fast and risks plunging the country into a debt trap.
For Melaye, however, the economic debate is inseparable from what he describes as a wider failure of governance. He urged Nigerians to focus on “pressing national challenges” such as hunger, malnutrition, and poor leadership rather than expend energy discussing what he insists is a “dead party.”
“There are critical issues bedevilling this country: hunger, malnutrition, misgovernance, and maladministration. Those are the issues I think we should discuss, not a dead party,” he concluded.
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