The Presidency has dismissed recent comments by former Kogi West Senator, Dino Melaye, on the country’s rising debt profile.
In a post via his verified X handle on Tuesday, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, described Melaye’s statements as “entertainment, and not enlightenment.”
PUNCH Online earlier reported that Melaye, during an interview on Arise News on Tuesday, mocked the Tinubu administration over its borrowing practices.
Melaye had alleged that Nigeria’s debt situation was so dire that the government may soon be forced to borrow from local fintech firms if the borrowing trend persists.
The former lawmaker questioned the rationale behind recent loan requests, asking why the government was seeking $1.7 billion from the World Bank and pointing to the Senate’s approval of about $21 billion in external borrowing so far.
He described the scale of borrowing as unprecedented and argued it contradicts the administration’s stated aim of eliminating waste.
However, citing data from the Debt Management Office, the Dare explained that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025.
The former Minister of Youth and Sports stressed that the increase was not the result of reckless borrowing but largely due to the effect of naira depreciation on existing external loans.
According to him, Nigeria’s debt-to-GDP ratio remains between 40 and 45 per cent, which he said was still moderate compared to countries such as South Africa at 70 per cent and Ghana at over 90 per cent.
“The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare said.
He added that borrowing remained a legitimate tool for financing reforms and infrastructure, warning against what he described as “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 Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare added.
