Loan: “Dino’s Commentary Is Entertainment, Not Enlightenment” — Presidency

The Presidency has responded to comments by former Kogi West Senator Dino Melaye on Nigeria’s rising debt profile, dismissing his criticisms as political theatrics. Melaye had mocked the Tinubu administration during an appearance on Arise News, alleging that the government’s borrowing had reached an alarming level and suggesting it could soon be forced to turn to local fintech firms for loans. He cited the request for a $1.7 billion World Bank facility and Senate approval of about $21 billion in external borrowing as examples of what he called unprecedented debt accumulation.

In a rebuttal posted on X, President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, argued that Melaye misrepresented the facts. He noted that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, a figure influenced more by the depreciation of the naira than by reckless borrowing. Dare added that Nigeria’s debt-to-GDP ratio, estimated between 40 and 45 percent, was still moderate compared to South Africa at 70 percent and Ghana above 90 percent.

He emphasized that the real issue lies in revenue generation rather than borrowing and said government revenues were improving, strengthening the country’s ability to meet its obligations. Defending the administration’s strategy, Dare stressed that borrowing was a legitimate tool for financing reforms and growth, arguing that sustainability, not political soundbites, should be the measure of success.

Taking aim at Melaye, the former Minister of Youth and Sports concluded that the senator’s commentary amounted to entertainment rather than economic insight, urging him to acquaint himself with basic economics before weighing in on fiscal matters.