The Presidency has vehemently dismissed former Kogi West Senator Dino Melaye’s recent criticisms of Nigeria’s rising debt profile, accusing him of prioritizing “entertainment over enlightenment.” The Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, made this rebuttal in a sharp response posted on his verified X handle on September 8, 2025.
Melaye, during an interview on Arise News, condemned the administration’s borrowing practices, warning that persistent loans might force the government to borrow from fintech companies like OPay and Moniepoint. He questioned the rationale behind seeking $1.7 billion from the World Bank and the Senate’s approval of about $21 billion in external loans, describing the borrowing spree as unprecedented and contradictory to the administration’s goal of reducing waste.
Dare countered these claims by citing data from Nigeria’s Debt Management Office. As of March 31, 2025, the country’s total public debt stood at ₦149.39 trillion, a surge largely attributed not to reckless borrowing but to the naira’s depreciation which increased the local currency value of existing foreign loans.
He emphasized that Nigeria’s debt-to-GDP ratio remains moderate at between 40 and 45 percent, far lower than countries like South Africa and Ghana. According to Dare, the core challenge is revenue mobilization, not runaway borrowing, and that the government’s revenues are gradually improving, strengthening its capacity to service debts responsibly.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites,” Dare said, asserting that Melaye needs to “acquaint himself with basic economics” to engage in meaningful commentary.
The Presidency’s response further pointed out that Melaye’s statements amount to “political theatrics” aimed at sensationalism rather than offering constructive solutions. Dare urged Nigerians to focus on the administration’s commitment to sustainable economic reforms designed to stabilize the nation’s fiscal health and improve infrastructure.
This exchange highlights the ongoing contentious debate over Nigeria’s economic trajectory and debt management policies under President Tinubu’s government.
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