The Presidency has dismissed recent remarks by former Kogi West Senator, Dino Melaye, on Nigeria’s rising debt profile.
Melaye, speaking on Arise News on Tuesday, mocked the Tinubu administration’s borrowing practices, alleging that the country’s debt situation had become so alarming that the government might soon resort to borrowing from local fintech firms. He questioned the rationale behind recent loan requests, including a $1.7 billion facility from the World Bank and the Senate’s approval of about $21 billion in external borrowing.
In response, Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, described Melaye’s comments as “entertainment, not enlightenment.”
Quoting data from the Debt Management Office (DMO), Dare stated that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025. He stressed that the rise was not due to reckless borrowing but the impact of naira depreciation on existing external loans.
According to Dare, Nigeria’s debt-to-GDP ratio currently stands between 40 and 45 percent—moderate compared to South Africa’s 70 percent and Ghana’s over 90 percent.
“The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare explained.
He further argued that borrowing remains a legitimate tool for financing reforms and infrastructure, warning against what he described as “political theatrics.”
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth,” Dare added.
