The Presidency has dismissed remarks by former Kogi West senator, Dino Melaye, on the country’s rising debt, describing them as political theatrics rather than a substantive economic critique.
In a statement posted on his verified X handle on Tuesday, Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, characterised Melaye’s recent comments as “entertainment, not enlightenment.”
Melaye, in an interview with Arise News earlier in the day, had mocked the Tinubu administration’s borrowing strategy, warning that the Federal Government might soon be compelled to seek loans from local fintech companies if the current trend continues. He faulted recent loan requests, including the bid to secure $1.7 billion from the World Bank, and noted that the Senate has so far approved about $21 billion in external borrowing under the administration.
According to the former lawmaker, the scale of borrowing was unprecedented and contradicted the government’s stated resolve to cut waste.
Responding, Dare cited data from the Debt Management Office (DMO), which put Nigeria’s total public debt at ₦149.39 trillion as of March 31, 2025. He stressed that the increase was largely attributable to the naira’s depreciation, which significantly raised the local currency value of external obligations, rather than reckless accumulation of new debt.
He explained that Nigeria’s debt-to-GDP ratio currently stands between 40 and 45 per cent, a level he said remained moderate when compared to South Africa’s 70 per cent and Ghana’s more than 90 per cent.
“The real challenge lies in revenue mobilisation, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare stated.
The former Minister of Youth and Sports argued that borrowing remains a legitimate instrument for financing reforms and infrastructure. He warned against what he described as “political theatrics,” insisting that sustainability, not soundbites, should be the focus of public debate.
“Until Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare added.
