The Presidency has dismissed remarks by former Kogi West Senator, Dino Melaye, on Nigeria’s rising debt profile, describing them as “political theatrics.”
Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, in a post via his verified 𝕏 handle on Tuesday, said Melaye’s comments amounted to “entertainment, not enlightenment.”
Melaye had, during an interview on Arise News, criticised the Tinubu administration’s borrowing pattern, alleging that Nigeria’s debt profile was so alarming that the government might soon resort to borrowing from local fintech firms.
He inquired about the rationale behind recent loan requests, including a proposed $1.7 billion loan from the World Bank, while noting that the Senate had already approved approximately $21 billion in external borrowing.
The former lawmaker described the borrowing scale as “unprecedented,” arguing it contradicted the administration’s stated commitment to eliminating waste.
Responding, Dare said Nigeria’s debt stock as at March 31, 2025, stood at ₦149.39 trillion, according to figures from the Debt Management Office (DMO).
He emphasised that the increase was not a result of reckless borrowing, but rather the direct impact of naira depreciation on existing external loans.
According to him, the country’s debt-to-GDP ratio remains between 40 and 45 per cent, a level he described as moderate compared to South Africa’s 70 per cent and Ghana’s over 90 per cent.
Dare emphasised that the government’s real challenge was revenue mobilisation, not runaway borrowing.
“Encouragingly, revenues are improving, strengthening our capacity to service obligations,” he said.
He added that borrowing was a legitimate tool for financing reforms and infrastructure, and warned against reducing the conversation to sound bites.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth. Until he acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare declared.
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