By Abiola Olawale
In a scathing critique of President Bola Tinubu’s administration, a former Kogi West Senator, Dino Melaye, has slammed the debt profile of Nigeria.
This is as the former lawmaker predicted that the federal government could soon resort to borrowing from popular Nigerian fintech platforms like Opay and Moniepoint.
Speaking during an interview with Arise Television, Melaye accused the Tinubu government of unprecedented borrowing, describing it as the most reckless in Nigeria’s history.
His comment came shortly after concerns were raised by House of Representatives Speaker Tajudeen Abbas over Nigeria’s appetite for foreign loans.
Abbas had highlighted the rapid accumulation of debt, echoing widespread fears that Nigeria’s borrowing could exceed N200 trillion by year’s end if unchecked.
Melaye amplified these worries, linking the debt crisis to deepening poverty and hunger across the nation despite billions in secured loans from international bodies like the World Bank and IMF.
Melaye said: “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?
“This government is one of the most reckless governments in the history of this country. The president, who said he wanted to come and curb wastage, bought a yacht. The president’s yacht has never been to the territorial area of Nigeria; it’s between Monaco and Paris.
“Why do we need a yacht in a time of austerity, in a time of pervasive hunger like this. The president, also, within a few months of being in office, bought a presidential jet that cost Nigerians billions.
“It was purchased, a gift by whom? Gifts have to be declared. Why was Tom David West removed from office? It was because he got a gift of a gold wrist watch that was not declared, if you have a gift, declare who gave it to you.
“They called it a gift because the money used in the purchase of that aircraft was not appropriated by the National Assembly, which is why it was tagged as a gift.
“Since Tafawa Balewa, Azikiwe, down to Buhari – every president and Prime Minister in this country used the Mercedes-Benz S-Class as their official vehicle.
“The president is using a German Mercedes-Benz, the same type that Trump is using in America, and you say that you want to curb wastage?
“In the 8th Senate, the budget of the National Assembly was N150 billion, from N150 billion – today, the president has increased the National Assembly budget to over N300 billion, to make it a parastatal or ministry of the Villa.
“So, a president who said he was coming to curb wastages, who said he was coming to renew hope, bought a yacht, a Cadillac, bought an aircraft, increased the money of the National Assembly, and has borrowed like no other president in history.
“If you are making more money, why are you borrowing? To the extent that the Speaker of the House of Representatives is also concerned, who is a member of the APC.
“We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.”
