The Presidency has dismissed recent remarks by former Kogi West Senator, Dino Melaye, on Nigeria’s rising debt profile, describing his comments as “entertainment, not enlightenment.”
In a statement shared on X (formerly Twitter) on Tuesday, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, criticised Melaye’s stance on the government’s borrowing practices.
Melaye, during an interview on Arise News, had mocked the administration, warning that if the borrowing trend continues, Nigeria may soon be forced to take loans from local fintech companies. He also queried the rationale behind the Federal Government’s request for a $1.7 billion World Bank loan and the Senate’s approval of around $21 billion in external borrowing so far.
He described the borrowing as unprecedented and contradictory to Tinubu’s pledge to eliminate waste.
Responding, Dare cited data from the Debt Management Office (DMO), which showed that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025. He stressed that the increase was not due to reckless borrowing but mainly the effect of naira depreciation on existing external loans.
According to him, Nigeria’s debt-to-GDP ratio remains between 40 and 45 per cent, which he argued is moderate compared to South Africa (70 per cent) and Ghana (over 90 per cent).
“The real challenge lies in revenue mobilisation, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare said.
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He added that borrowing is a legitimate tool for financing reforms and infrastructure, warning against what he termed “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,” he stated.
The Presidency responds to Dino Melaye at a time when concerns over Nigeria’s rising debt burden continue to dominate public discourse, with analysts split on whether the current borrowing strategy is sustainable.