The Presidency has reacted to remarks by former Kogi West Senator, Dino Melaye, suggesting that Nigeria’s debt crisis could eventually force the Federal Government to borrow from local fintech firms.
Recall that during an interview on Arise News on Monday, Melaye mocked the government’s borrowing pattern, questioning the rationale behind seeking fresh loans despite claims of increased revenue.
“If you are making more money, why are you borrowing? To the extent that the Speaker of the House of Representatives is also concerned, who is a member of the APC. We will not be surprised if the President starts borrowing from Opay and Moniepoint very soon,” Melaye said.
He also faulted recent loan requests, including the government’s bid for $1.7 billion from the World Bank, and noted that the Senate had approved about $21 billion in external borrowing so far.
But responding via social media, an aide in the government, Sunday Dare, described Melaye’s remarks as “entertainment, not enlightenment.”
Citing data from the Debt Management Office, Dare explained that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025. He said the surge was largely due to naira depreciation on existing foreign loans, not reckless borrowing.
According to him, Nigeria’s debt-to-GDP ratio remains between 40 and 45 percent, moderate compared to South Africa’s 70 percent and Ghana’s over 90 percent. He added that revenues were improving, enhancing the government’s ability to service obligations.
“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 said.
Dare is the Special Adviser to President Bola Tinubu on Media and Public Communication.