Former Kogi West Senator, Dino Melaye, has issued a scathing critique of President Bola Tinubu’s borrowing spree, warning that Nigeria’s economy may soon reach the point where government turns to fintech firms like Opay and Moniepoint for loans.
Appearing on Arise Television’s Prime Time on Monday night, Melaye backed his remarks with figures, noting that the Tinubu administration had already secured $21 billion in loans approved by the Senate and was now seeking an additional $1.7 billion from the World Bank. He described the pace of borrowing as “reckless and unprecedented in Nigeria’s history.”
Melaye slammed what he called the president’s “lavish spending habits,” questioning the rationale behind the purchase of a multi-billion-naira presidential yacht and a new presidential jet, which he alleged was falsely presented to Nigerians as a “gift.” He stressed that the National Assembly never appropriated funds for the aircraft, adding: “If it was a gift, who gave it? Why wasn’t it declared?”
The outspoken ex-lawmaker accused the Tinubu government of hypocrisy, saying the same administration that promised to cut waste had doubled the National Assembly’s budget from ₦150 billion in 2015 to over ₦300 billion today. According to him, this move was designed to turn parliament into “a parastatal of the Villa.”
Highlighting Nigeria’s tradition of modest official vehicles, Melaye pointed out that every leader from Tafawa Balewa to Muhammadu Buhari had used the Mercedes Benz S-Class, while Tinubu opted for a luxury Cadillac similar to the one used by former U.S. President Donald Trump. “How do you preach austerity with that level of extravagance?” he asked.
Melaye further warned that the rising debt profile was unsustainable, especially as the government claimed to be making more revenue. He stressed that even Tajudeen Abbas, the Speaker of the House of Representatives and a loyal member of the ruling APC, had publicly raised concerns about the borrowing binge.
Concluding with a biting remark, Melaye quipped: “We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.” His comments have since sparked widespread debate on social media, amplifying growing unease over Nigeria’s fiscal direction under Tinubu’s administration.
