Dino Melaye: We Won't Be Surprised If Tinubu's Govt Starts Borrowing Loans from Fintech Apps

• Former senator Dino Melaye has mocked President Tinubu’s government, alleging reckless borrowing that could soon extend to fintech apps
• Melaye's remarks followed the ADC’s warning that Nigeria’s debt could surpass N200 trillion before year-end
• The former lawmaker also accused the administration of worsening hunger and wasting resources on luxuries such as a yacht

Abuja, FCT - Former Nigerian senator Dino Melaye on Monday, September 8, criticised President Bola Tinubu’s administration for what he called excessive borrowing, saying the government’s debt drive could soon extend to fintech platforms.

Melaye’s remarks followed a statement by the African Democratic Congress (ADC), which warned that Nigeria’s public debt could exceed 200 trillion naira by year-end.

Bolaji Abdullahi, the ADC’s national publicity secretary, accused Tinubu of surpassing his predecessor in “mortgaging the country’s future” under the guise of economic reform.

Melaye says FG has failed to ease hardship

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Speaking in an interview with Arise Television, Melaye said loans secured by the government had failed to ease hardship.

“There is massive hunger in the land,” he said. “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?”

Melaye also criticised the government’s reported purchase of a yacht.

“That yacht has never been to Nigeria’s territorial waters—it’s been between Monaco and Paris,” the former lawmaker said. “What do we need a yacht for in a time of austerity and pervasive hunger?”

The former lawmaker described the administration as one of the “most reckless” in Nigeria’s history.

“If you are making more money, then why are you borrowing?” Melaye asked, saying he will not be surprised if the president starts borrowing from fintech platforms.

Nigerians react to Melaye's statement

Oshiks, @damilolaosikoya, said:

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"The reason why borrowing is a problem for most Nigerians is that most people aren’t used to building credit. Nigeria has a credit rating. This affects their global financial ranking. Nigeria has the ability to pay back, that's why they can borrow. Who wants to fund all the infrastructure projects? Dino and Atiku?"

crypto_fundingz, @mfrekeboniface, said:

"Pot calling kettle black 😂"

D_Cardinal, @cardinalsam, said:

"It's a shame how these politicians go to Arise studio, among other stations, to spew lies and unfounded information without being fact-checked by the interviewer. The government of PBAT has rather reduced our debt portfolio and not "borrowed more than any other govt" as falsely parroted.

Adebambo Kehinde, @AdebamboK35359, said:

"Not surprised. I don't expect less from persons like him, the opposition in Nigeria can't see anything good in the incumbent. Tinubu did more in opposition. But, if you ask me, Tinubu's govt is seriously on track. Tough doe, that's the price for reforms."

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Senate backs Tinubu’s $21bn loan plan

Earlier, Legit.ng reported that the Nigerian Senate in July 2025 formally approved President Tinubu’s external borrowing plan amounting to over $21 billion for the 2025–2026 fiscal period, marking a critical milestone for the full rollout of the 2025 Appropriation Act.

The sanctioned financial package encompassed $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, a $65 million grant, and domestic borrowing through government bonds totalling approximately ₦757 billion.

In addition, provisions were made for raising up to $2 billion via a foreign-currency-denominated instrument in the domestic market. During the session, Senator Aliyu Wamako, Chairman of the Senate Committee on Local and Foreign Debt, presented the committee’s report, noting that the proposal was initially submitted to the National Assembly on 27 May but faced delays due to the legislative recess and documentation challenges from the Debt Management Office.

Source: Legit.ng