LAGOS: Former Kogi West Senator, Dino Melaye, has taken another swipe at President Bola Ahmed Tinubu, accusing his administration of reckless borrowing that delivers little or no relief to ordinary Nigerians.
Speaking on Monday, Melaye lampooned the government’s growing appetite for debt, joking that if the trend continues, the presidency may soon be forced to take loans from local fintech platforms such as Opay and Moniepoint.
“There is massive hunger in the land. Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved over $21 billion so far, with more requests still pending? Melaye queried.
The ex-lawmaker described Tinubu’s administration as one of the most reckless in Nigeria’s history, accusing it of extravagant spending at a time of deepening hardship.
He cited the controversial acquisition of a presidential yacht, which he said has never served any national security or maritime purpose.
“What do we need a yacht for in a time of austerity and pervasive hunger? This is a president who promised to cut wastage but is presiding over needless borrowing and spending,” Melaye declared.
His remarks come amid heightened public concern over Nigeria’s mounting debt profile. The African Association for Accountability in Public Contracts (AAAPC) recently warned that the government’s reliance on borrowing to fund its budget has not translated into measurable economic growth but instead risks driving the country deeper into a debt trap.
The AAAPC noted that while borrowing can sometimes stimulate infrastructure development, in Nigeria’s case, the proceeds are often mismanaged, leaving the economy stagnant, inflation high, and citizens poorer.
The group further projected that if unchecked, Nigeria’s public debt could exceed ₦200 trillion by the end of 2025, a scenario that would push debt servicing costs far above allocations for education, health, and social welfare.
Melaye echoed these concerns, stressing that the government’s borrowing spree has yielded little tangible benefit.
If you are making more money from taxes and oil revenues, then why are you borrowing? Nigerians will not be surprised if the president starts borrowing from fintech apps very soon, he quipped.
Economic analysts agree that the rising debt burden, coupled with high inflation and low investor confidence, has limited positive effects on the economy.
Instead of stimulating growth, the heavy dependence on loans has mainly fueled recurrent expenditure, leaving infrastructure gaps unfilled and worsening unemployment.
As criticism mounts, the government faces increasing pressure to adopt more sustainable fiscal policies, cut wasteful spending, and implement transparent reforms that would make borrowing purposeful rather than punitive.
