Presidency Rebukes Dino Melaye Over Comments on Nigeria’s Debt Profile
By Joseph Iyaji | Akahi News
The Presidency has dismissed recent remarks by former Kogi West Senator, Dino Melaye, on Nigeria’s rising debt profile, describing them as “entertainment, not enlightenment.”
Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, stated this in a post on his verified X handle on Tuesday, responding to Melaye’s criticism of the administration’s borrowing practices.
Melaye, during an interview on Arise News, had mocked the government’s debt strategy, claiming the situation was so severe that the administration might soon resort to borrowing from local fintech firms if the current trend persisted. He questioned recent loan requests, including the $1.7 billion World Bank facility and the Senate’s approval of approximately $21 billion in external borrowing, calling it unprecedented and inconsistent with the government’s promise to curb waste.
Debt Figures Clarified
However, 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 stressed that the rising figures were not due to reckless borrowing but largely the result of naira depreciation affecting existing external loans.
According to him, Nigeria’s debt-to-GDP ratio remains moderate at between 40 and 45 per cent, compared to South Africa’s 70 per cent and Ghana’s over 90 per cent.
“The real challenge lies in revenue mobilisation, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare said.
Borrowing as a Growth Tool
The presidential aide emphasised that borrowing remains a legitimate tool for financing reforms and infrastructure, warning against what he termed “political theatrics.”
“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 added.
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