The Presidency has brushed aside comments by former Kogi West Senator, Dino Melaye, on Nigeria’s growing debt, describing them as more drama than fact.
Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, made the remark on his verified X handle on Tuesday, September 9. He said Melaye’s remarks were “entertainment, and not enlightenment.”
Melaye had earlier mocked the administration during an interview on Arise News, saying Nigeria’s debt burden was so alarming that the government might eventually resort to borrowing from local fintech firms.
He questioned the wisdom behind recent loan requests, such as the $1.7 billion sought from the World Bank, and highlighted the Senate’s approval of about $21 billion in external borrowing.
Also, he argued that such levels of debt were unprecedented and at odds with the government’s promise to cut waste.
In response, Dare pointed to figures from the Debt Management Office showing that Nigeria’s total public debt had risen to ₦149.39 trillion as of March 31, 2025.
READ ALSO: Tinubu’s Govt Worst in History, Soon He’ll Borrow from Opay, Moniepoint — Melaye
He stressed that the increase was not driven by reckless borrowing but by the effect of naira depreciation on existing loans.
Dare further explained that Nigeria’s debt-to-GDP ratio stood between 40 and 45 per cent, which he said remained manageable when compared with South Africa at 70 per cent and Ghana above 90 per cent.
“The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare noted.
He added that borrowing remained a necessary tool to finance infrastructure and reforms, while dismissing Melaye’s criticism.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth.
“Until Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” he said.