Presidency Counters Dino Melaye’s Criticism of Nigeria’s Debt Profile
- Presidency said Dino Melaye’s debt remarks were misleading and based on theatrics, not facts
- Sunday Dare explained that debt figures rose mainly due to naira depreciation, not reckless loans
- The ADC warned that Nigeria’s public debt could cross N200 trillion before the end of 2025
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The presidency has dismissed allegations by former senator Dino Melaye that President Bola Tinubu’s administration is driving Nigeria into reckless borrowing, insisting that recent debt figures are being misrepresented.
The special adviser on Media and Public Communication to the president, Sunday Dare, said Melaye’s remarks amounted to political theatre rather than factual analysis.
Source: Facebook
Dare addresses Melaye's debt profile criticism
In a statement titled “Dino Melaye’s Debt Drama: Noise, Not Knowledge,” Dare argued that Nigeria’s debt increase was largely due to currency depreciation rather than fresh loans.
According to Dare, the country’s total public debt stood at N149.39 trillion as of March 31, 2025, based on data from the Debt Management Office. He added that Nigeria’s debt-to-GDP ratio remains moderate at about 40–45 percent, far below South Africa’s 70 percent or Ghana’s 90 percent.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites,” Dare stated, accusing Melaye of trading substance for “cheap jabs” about loans from fintech platforms.
ADC raises concern over rising debt
Melaye’s remarks followed a warning from the African Democratic Congress (ADC) that Nigeria’s public debt could surpass N200 trillion before year-end.
Source: Instagram
Bolaji Abdullahi, the party’s national publicity secretary, accused the government of “mortgaging the country’s future” under the banner of economic reforms.
He said the administration had outpaced its predecessor in accumulating liabilities while failing to generate enough revenue to ease the burden on citizens.
The ADC called for stronger fiscal discipline and a shift toward improving government earnings.
Melaye criticises government spending
During his interview with Arise Television, Melaye maintained that government borrowing had failed to ease hardship across the country. He also took issue with reports of a yacht allegedly acquired under the administration.
“That yacht has never been to Nigeria’s territorial waters—it’s been between Monaco and Paris,” Melaye claimed.
“What do we need a yacht for in a time of austerity and pervasive hunger?”
The former senator described the Tinubu-led government as one of the “most reckless” in Nigeria’s history. He questioned why more borrowing was necessary when the administration claims to be recording higher revenue.
“I will not be surprised if the president starts borrowing from OPay or Moniepoint,” Melaye said.
Ex-Buhari minister declares war on Tinubu
Earlier, Legit.ng reported that the former minister of Sports and Youth Development, Solomon Dalung, declared that the 2027 general elections would not just be another electoral cycle but a full-blown confrontation between the Nigerian people and the current administration under President Bola Ahmed Tinubu.
Speaking during a recent interview on News Central, Dalung voiced strong dissatisfaction with the state of the nation, blaming the Tinubu-led government for deepening the hardship faced by ordinary citizens.
Source: Legit.ng
