Presidency Fires Back at Dino Melaye Over Debt Criticism

The Presidency has dismissed recent remarks by former Kogi West Senator, Dino Melaye, on Nigeria’s rising debt profile, describing his comments as “entertainment, not enlightenment.”

In a statement released via his verified X handle on Tuesday, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, faulted Melaye’s claims that the Federal Government’s borrowing spree was reckless.

Recall that ASABAMETRO had earlier reported that during an interview on Arise News, Melaye mocked the Tinubu administration’s borrowing practices, warning that Nigeria could soon be forced to borrow from local fintech companies if the trend continues.

The former lawmaker had questioned the rationale behind recent loan requests, including a $1.7 billion facility from the World Bank, and the Senate’s approval of about $21 billion in external borrowing. He described the borrowing as unprecedented and contradictory to the government’s promise of curbing waste.

However, citing data from the Debt Management Office (DMO), Dare explained that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025. He stressed that the surge was not due to reckless borrowing but largely the impact of naira depreciation on existing external loans.

According to him, Nigeria’s debt-to-GDP ratio remains between 40 and 45 per cent, which he said was moderate compared to countries such as South Africa at 70 per cent and Ghana at over 90 per cent.

“The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare stated.

He added that borrowing is a legitimate financing tool for reforms and infrastructure, urging critics to avoid misleading narratives.

“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 said.