Former Senator Dino Melaye has again criticised the administration of President Bola Tinubu, warning that the country’s rising debt may soon force the government to seek loans from fintech platforms like Opay and Moniepoint.
Melaye made the comment while speaking on ARISE Television on Monday, where he accused the federal government of plunging Nigeria deeper into debt, while millions of citizens face growing poverty and hunger.
His statement comes as public concerns grow over Nigeria’s debt profile, with several political and economic observers questioning the government’s borrowing pattern and spending priorities.
“There is massive hunger in the land,” Melaye said during the interview. “Why is the president borrowing $1.7 billion from the World Bank? Why has the senate approved $21 billion so far with many others coming for consideration?”
He added: “This government is one of the most reckless in the history of this country. The president who said he came to stop wastage went ahead to buy a yacht.”
According to Melaye, the presidential yacht — which drew widespread criticism earlier in the year — is symbolic of what he describes as poor spending choices amid national hardship.
“That yacht has never been to Nigeria’s coastal waters. It’s been seen around Monaco and Paris. What do we need a yacht for when Nigerians can’t feed, and the economy is on its knees?” he asked.
The former Kogi West senator sarcastically noted that with the rate of borrowing, the government may soon turn to digital lenders like Opay and Moniepoint for financial support.
“If you are making more money as claimed, then why are you borrowing? We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon,” he said.
Melaye’s comments echo warnings from the African Democratic Congress (ADC), which also criticised the Tinubu administration for what it described as “mountainous and unsustainable” debts.
In a statement last week, the ADC’s National Publicity Secretary, Mallam Bolaji Abdullahi, warned that the federal government’s borrowing trend could push Nigeria’s public debt beyond ₦200 trillion before the end of the year.
“The Tinubu-led government is mortgaging the country’s future in the name of economic reform,” Abdullahi said.
He argued that the current administration has outpaced its predecessors in borrowing within its first year in office, with little evidence of relief for the average Nigerian.
Nigeria’s rising debt profile has become a major topic of national debate. According to the Debt Management Office (DMO), the country’s total public debt stood at over ₦121 trillion as of June 2024. Experts warn that with additional loans already approved and more in the pipeline, the figure could rise sharply before year-end.
While the federal government says the loans are needed to support economic reforms, infrastructure, and social investment programmes, many Nigerians are frustrated by the continued hardship, food inflation, and unemployment.
The administration has defended its actions, insisting that reforms — including fuel subsidy removal and exchange rate unification — are necessary steps to rebuild the economy. However, critics like Melaye argue that the burden is being unfairly carried by ordinary Nigerians, while government spending remains unchecked.
Dino Melaye, known for his bold and sometimes controversial remarks, has remained a strong voice of opposition since leaving the Senate. He was the Peoples Democratic Party (PDP) governorship candidate in the last Kogi election and has continued to speak on national issues.
