Dino Melaye Mocks Tinubu’s Borrowing Spree, Says Government May Soon Turn to Fintech for Loans

By Joseph Iyaji | Akahi News

The controversy surrounding President Bola Tinubu’s rising debt profile has taken a dramatic twist as former senator Dino Melaye ridiculed the administration, saying Nigerians should not be surprised if the federal government begins borrowing from local fintech platforms like Opay and Moniepoint.

Speaking on ARISE Television on Monday, Melaye lambasted the Tinubu government over what he described as a “reckless borrowing spree” that is plunging the nation deeper into economic hardship. His remarks come amid mounting criticism from opposition parties, civil society groups, and economic analysts who have accused the administration of worsening Nigeria’s public debt crisis.

ADC Accuses Tinubu of Mortgaging Nigeria’s Future

Akahi News gathered that the African Democratic Congress (ADC) recently warned that the government’s heavy reliance on loans could push Nigeria’s public debt beyond N200 trillion before the end of the year.

In a strongly worded statement, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, claimed that President Tinubu had outdone his predecessor in “mortgaging the nation’s future under the guise of economic reforms.”

“The borrowing spree is unsustainable and economically dangerous,” the ADC stated, adding that the administration’s appetite for loans posed significant risks to Nigeria’s sovereignty and long-term financial stability.

Melaye’s Outrage Over Hunger and Reckless Spending

During the ARISE TV interview, Dino Melaye expressed dismay over what he called the administration’s failure to address mass hunger and poverty despite securing billions in foreign loans.

“There is massive hunger in the land. Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far with many others coming for consideration?” he queried.

Melaye went further to accuse President Tinubu of “reckless extravagance” at a time when Nigerians are facing one of the toughest economic crises in recent memory.

“The president who said he wanted to come and curb wastages bought a yacht. That yacht he bought has never been to the perimeters, the territorial areas of Nigeria—it’s been between Monaco and Paris. And what do we need a yacht for in a time of austerity and pervasive hunger?” Melaye asked.

‘We May Soon Borrow from Opay and Moniepoint’

Perhaps the most stinging part of Melaye’s criticism came when he sarcastically suggested that the Tinubu administration might soon approach local fintech companies for loans if the current borrowing trend continues.

“He has borrowed like no other president in the history of the country. If you are making more money, then why are you borrowing? We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon,” Melaye said.

The former senator’s remarks have since gone viral on social media, with many Nigerians echoing his concerns over the government’s rising debt profile, declining purchasing power, and worsening cost of living.

Debt Sustainability Concerns

Economic analysts have repeatedly warned that Nigeria’s growing debt burden could become unsustainable if the federal government fails to expand revenue sources and curb excessive spending.

According to official figures, Nigeria’s public debt had already surpassed N121 trillion by mid-2025, with projections indicating further increases if new loan requests are approved. Critics argue that the borrowing has not translated into significant improvements in infrastructure, job creation, or economic growth.

What Next for the Tinubu Administration?

While the Presidency has defended its borrowing policy as part of a strategy to stimulate economic reforms, pressure is mounting on President Tinubu to provide transparency and clear results on how the loans are utilised.

For now, Melaye’s biting criticism appears to have captured public frustration over rising debt, worsening hunger, and economic hardships confronting millions of Nigerians.

As debates over fiscal responsibility continue, all eyes will be on the federal government to prove that its borrowing spree will not plunge the country into a full-blown debt crisis in the coming years.

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