Former Kogi West Senator, Dino Melaye, has criticised President Bola Tinubu over Nigeria’s rising debt profile, warning that the country may soon be forced to borrow from fintech companies such as Opay and Moniepoint.
Melaye made the remark while reacting to concerns raised by Speaker of the House of Representatives, Tajudeen Abbas, on the scale of foreign loans under the current administration. Speaking during an interview on Arise Television’s Prime Time on Monday night, he questioned the government’s borrowing spree.
“Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far with many others coming for consideration? This government is one of the most reckless governments in the history of this country,” Melaye said.
He also faulted Tinubu for approving luxury acquisitions despite widespread economic hardship. According to him, the president purchased a yacht and a presidential jet worth billions of naira within months of assuming office, even though the expenditures were not appropriated by the National Assembly.
Dismissing claims that the aircraft was a gift, Melaye insisted that such explanations were misleading. “It was purchased, a gift by who? Gifts have to be declared. Why was Tom David West removed from office? It was because he got a gift of a gold wrist watch that was not declared,” he argued.
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The former lawmaker further accused Tinubu of increasing the National Assembly’s budget from N150 billion during the 8th Senate to over N300 billion, alleging that it was done to keep legislators aligned with the presidency.
Melaye said the spending contradicted Tinubu’s earlier promises to cut wastage and renew hope. “We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon,” he added.