…questions logic of increased borrowing, when the government claims it is earning more revenue due to the removal of petrol subsidies.
ABUJA, NIGERIA – The iNews Times | Former Kogi West Senator, Dino Melaye, has issued a scathing critique of President Bola Tinubu’s fiscal policies, warning that Nigeria’s borrowing is spiraling out of control.
Speaking on Monday night during an interview on Arise Television’s Prime Time, Melaye expressed deep concern over what he described as the government’s reckless appetite for loans. He warned that if the trend continues, the administration might soon resort to borrowing from local fintech firms like Opay and Moniepoint.
“Why is the president borrowing $1.7 billion from the World Bank?” Melaye asked. “The Senate has already approved $21 billion, with more requests lined up. This government is one of the most reckless in the history of this country.”
His comments came on the heels of a similar warning by the Speaker of the House of Representatives, Hon. Tajudeen Abbas, who earlier the same day also expressed worry over the nation’s increasing debt burden.
Melaye, a vocal critic of the ruling All Progressives Congress (APC), did not hold back as he cited what he described as wasteful spending by the presidency, especially in a time of economic austerity.
“The president who claimed he came to curb waste bought a yacht, a yacht that has never touched Nigerian waters. It’s between Monaco and Paris,” he said. “And within just months of assuming office, he bought a new presidential jet costing billions.”
He questioned the logic of increased borrowing, particularly when the government claims it is earning more revenue due to the removal of petrol subsidies.
“If you’re making more money, why are you borrowing?” he queried. “Even Speaker Abbas of the APC is worried that should tell you something. We won’t be surprised if Tinubu starts borrowing from Opay and Moniepoint soon.”
Beyond Melaye, a growing number of Nigerians have voiced dissatisfaction with the federal government’s borrowing spree, often accusing the National Assembly of rubber-stamping loan requests without rigorous scrutiny.
The rising debt concerns come at a time of widespread inflation, food insecurity, and economic hardship, with citizens questioning the priorities and fiscal discipline of the Tinubu administration.
As the debt conversation intensifies, critics are demanding more transparency, accountability, and restraint from those in power particularly when public welfare remains in sharp decline.
