Presidency bombs Melaye over debts claims, ask him to acquaint himself with basic economics

The Presidency has slammed Dino Melaye, a former lawmaker representing Kogi West Senatorial District, over his claims that the administration of President Bola Tinubu is engaging in reckless borrowing, describing his remarks as mere “entertainment.”

 

In a swift reaction to Melaye’s comments, the Special Adviser to the President on Media and Public Communication, Sunday Dare, said the ex-lawmaker had chosen “spectacle over substance.”

 

Taking to his X handle, Dare wrote: “Barr Dino Melaye has once again traded substance for spectacle. In his latest television appearance, he cast himself as Nigeria’s chief political entertainer, tossing around cheap jabs about ‘borrowing from OPay and Moniepoint.”

 

Melaye, while speaking on Arise Television on Monday, accused Tinubu of borrowing more aggressively than any of his predecessors.

 

“He has borrowed like no other president in the history of the country. If you are making more money, then why are you borrowing? We will not be surprised if the president starts borrowing from OPay and Moniepoint very soon,” he said.

 

Countering the claim, Dare explained that Nigeria’s rising debt figures were largely the product of currency depreciation rather than reckless borrowing.

 

“Here are the facts: Nigeria’s total public debt stood at N149.39 trillion as of March 31, 2025, according to the Debt Management Office.

 

“The jump from last year is not the result of reckless borrowing, but largely the arithmetic of naira depreciation,” Dare said.

 

The presidential aide stressed that the country’s debt-to-GDP ratio remains moderate compared to other African economies.

 

“Nigeria’s debt-to-GDP ratio remains a moderate 40–45%, well below South Africa’s 70% or Ghana’s 90% plus.

 

“The real challenge lies in revenue mobilization, not runaway borrowing,” Dare noted.

 

According to him, recent improvements in government revenue collection are strengthening Nigeria’s ability to meet its obligations, and he adds that borrowing remains a legitimate instrument for growth and reform.

 

“Encouragingly, revenues are improving, strengthening our capacity to service obligations. Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites,” he said.

 

Dare accused Melaye of misinforming the public, saying the ex-lawmaker prefers theatrics to truth.

 

“Until he acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” he added.