The Presidency has rejected the recent criticisms leveled against the Bola Tinubu administration by former Kogi West Senator, Dino Melaye, over Nigeria’s growing debt profile.
In a post on his verified X handle on Tuesday, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, dismissed Melaye’s position as lacking substance, describing his comments as “entertainment, and not enlightenment.”
okay.ng reports that Melaye, during an interview with Arise News, expressed concern over the federal government’s borrowing trend, suggesting that if the pattern continued, Nigeria might resort to sourcing loans from local financial technology (fintech) companies.
The ex-lawmaker further criticized the request for a $1.7 billion loan from the World Bank and pointed out that the Senate has already approved about $21 billion in external borrowing under the current government. He said such borrowing runs contrary to the Tinubu administration’s promise of cutting down waste.
Responding, Dare clarified that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, according to the Debt Management Office (DMO). He explained that the surge was mainly due to the depreciation of the naira against the dollar, which increased the value of existing external loans.
“The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare said.
He further noted that Nigeria’s debt-to-Gross Domestic Product (GDP) ratio is between 40 and 45 per cent, which he compared to South Africa’s 70 per cent and Ghana’s over 90 per cent, emphasizing that the country remains within moderate limits.
“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 concluded.
