Presidency Fires Back At Dino Melaye Over Explosive Debt Claims

The Presidency has dismissed comments by former Kogi West Senator Dino Melaye on Nigeria’s debt profile, describing them as “political theatrics.”

Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, in a post on his verified handle on Tuesday, said Melaye’s remarks amounted to “entertainment, not enlightenment.”

Melaye, in an interview on Arise News, had accused the Tinubu administration of reckless borrowing, warning that Nigeria’s debt crisis was so severe that the government might soon resort to borrowing from local fintech firms. He questioned recent loan requests, including a proposed $1.7 billion World Bank facility, noting that the Senate had already approved about $21 billion in external borrowing.

The former lawmaker described the borrowing trend as “unprecedented” and at odds with the government’s promise to curb waste.

Responding, Dare cited figures from the Debt Management Office (DMO), stating that Nigeria’s total debt stood at ₦149.39 trillion as of March 31, 2025. He clarified that the rise was largely due to the depreciation of the naira against the dollar, not reckless borrowing.

He further explained that Nigeria’s debt-to-GDP ratio remains between 40 and 45 per cent, which he described as moderate compared to South Africa’s 70 per cent and Ghana’s 90 per cent. According to him, the real challenge is revenue mobilisation, not unsustainable borrowing.

“Revenues are improving, strengthening our capacity to service obligations,” he noted, stressing that borrowing is a legitimate financing tool for infrastructure and reforms.

Dare cautioned against reducing the debt conversation to “mere soundbites,” adding:
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not theatrics. Unfortunately, Dino prefers drama to facts. Until he acquaints himself with basic economics, his commentary will remain entertainment, not enlightenment.”