Following Dino Melaye’s allegation that Nigeria’s borrowing under President Bola Ahmed Tinubu has skyrocketed, the Tinubu Media Force has described his claims as unserious, laughable, and devoid of credible economic reasoning.
In a statement issued by its National Coordinator, Abiola Oluwagbenga, and made available to newsmen on Wednesday, the group stated that Melaye’s statement offers a contribution to the national conversation.
Oluwagbenga asserted that Melaye deliberately focused only on borrowing while ignoring wider financial reforms and debt management strategies implemented by the Tinubu administration.
He highlighted Melaye’s deliberate inability to acknowledge the government’s achievements in restructuring debt, improving revenue mobilisation, and reducing debt-servicing pressures that crippled past administrations.
Defending the government, the group cited the full repayment of the ₦30 trillion ‘Ways and Means’ debt inherited from previous governments as one of the administration’s feats.
READ ALSO
The statement read in part, “This repayment, announced by the President in his Independence Day broadcast of October 2024, was accompanied by healthy foreign reserves of about $37 billion. The debt-service-to-revenue ratio also fell dramatically from 97 per cent to 68 per cent, while a $7 billion forex backlog was cleared to stabilise the naira.”
The force questioned why Melaye left out such an achievement, noting that Nigeria’s public debt profile, which was at ₦149.39 trillion as of March 31, 2025, has been transparently managed.
The Debt Management Office, clarifying the situation, stated that much of the debt increase is due to currency depreciation, not reckless borrowing.
Furthermore, it stressed that Nigeria’s debt-to-GDP ratio remains at a moderate 40–45 per cent, which is healthier than South Africa’s 70 per cent or Ghana’s 90 per cent.
Reflecting on Melaye’s past, the group added that Melaye failed to criticise Tinubu on borrowing when he was a senator.
It asserted that Melaye’s comments were based on political motivations, not sound financial reasoning.
“As a senator, he was aligned with administrations that borrowed heavily without transparent repayment plans, yet he never raised his voice.”
To clarify the government’s developments, the group highlighted proactive steps taken to address sector-specific debts, such as the ₦4 trillion refinancing plan approved in August 2025 to clear liabilities in the power sector and the $652 million secured from China Exim Bank to construct a strategic road corridor linking the Lekki Deep Sea Port and Dangote Refinery to southern trade routes.
It described the power sector plan as a practical solution to the unstable electricity supply, stating that it will attract investments, unlike the “baseless complaints” Melaye offered without suggesting any realistic alternative.
“From the rollout of the Nelfund student loan scheme to agro-economic planning aimed at reducing food prices, and a compressed natural gas framework that lowers transport costs, the administration has tied its fiscal policies directly to citizens’ welfare. Melaye’s failure to acknowledge these achievements, they said, renders his analysis hollow.”
The team urged President Tinubu to remain focused on his economic reforms and pledge of sustainable prosperity, stressing that the opposition must put more effort if they want to be taken seriously in national discourse.
