Following the allegation made by the former Kogi West Senator, Dino Melaye, that the country had embarked on a borrowing spree under President Bola Tinubu’s administration, the Presidency has totally faulted the 2023 governorship candidate of the People’s Democratic Party (PDP) in Kogi State.
New Telegraph recalls that Dino Melaye faulted recent loan requests, questioning why the government was seeking $1.7 billion from the World Bank, noting that the Senate had already approved about $21 billion in external borrowing.
He described the borrowing spree as excessive and inconsistent with the administration’s pledge to curb waste.
Defending President Tinubu in a post via his verified X handle, Sunday Dare, Special Adviser on Media and Public Communication, branded Melaye’s claims as “Entertainment, and not enlightenment.”
Dare revealed that data from the Debt Management Office (DMO) shows that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025.
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The former Minister of Youth and Sports clarified that the surge in Nigeria’s debt profile was not primarily driven by fresh borrowing but rather by the impact of naira depreciation on existing external obligations.
He noted that the country’s debt-to-GDP ratio remains within the range of 40 to 45 per cent, describing it as moderate when compared to South Africa’s 70 per cent and Ghana’s figure of over 90 per cent
Dare said, “The real challenge lies in revenue mobilisation, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare said.
He added that borrowing remained a legitimate tool for financing reforms and infrastructure, warning against what he described as “political theatrics.”
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth.
“Until Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare added
New Telegraph earlier reported that Melaye, during an interview on Arise News on Tuesday, ridiculed the Tinubu administration over its borrowing practices.
Melaye had alleged that Nigeria’s debt situation was so dire that the government may soon be forced to borrow from local fintech firms if the borrowing trend persists.
