Former Kogi West Senator, Dino Melaye, has slammed President Bola Ahmed Tinubu, warning that the government’s excessive borrowing could soon reach the level of sourcing loans from fintech companies such as Opay and Moniepoint
In an interview on ARISE Television on Monday, Melaye faulted the Tinubu administration for what he called reckless borrowing while Nigerians grapple with worsening economic hardship.
“There is massive hunger in the land. Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate already approved $21 billion, with more requests still pending?” he queried.
He accused the government of wasteful spending, describing it as one of the “most reckless” in Nigeria’s history. According to him, the purchase of a presidential yacht was a glaring example of misplaced priorities.
“The president, who promised to curb wastage, bought a yacht. That yacht has never been within Nigeria’s waters—it’s been in Monaco and Paris. At a time of austerity and hunger, what do we need a yacht for?” Melaye asked.
He further mocked the borrowing spree, suggesting Nigerians should not be shocked if the government turns to fintech loan apps.
“He has borrowed more than any president in our history. If revenue is increasing, why keep borrowing? We won’t be surprised if Opay and Moniepoint become the next lenders,” Melaye said.
His remarks come amid mounting concerns over Nigeria’s rising debt stock, with the African Democratic Congress (ADC) recently warning that public debt could surpass ₦200 trillion by the end of the year if the trend continues.
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