Presidency Dismisses Dino Melaye’s Debt Claims as “Entertainment, Not Enlightenment”

The Presidency has dismissed recent criticisms by former Kogi West senator, Dino Melaye, over Nigeria’s rising debt profile, describing his remarks as political theatrics lacking economic substance.

In a statement shared via his verified X handle on Tuesday, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, responded to Melaye’s comments during an interview on Arise News, where the former lawmaker took aim at the administration’s borrowing practices.

Melaye alleged that Nigeria’s debt burden had reached a critical point, warning that the federal government might soon resort to borrowing from local fintech companies if the current trend continues. He also questioned recent loan requests, including a $1.7 billion facility from the World Bank, and noted that the Senate has approved approximately $21 billion in external loans since the start of the administration. He argued that the scale of borrowing contradicts the government’s stated commitment to reducing waste.

However, Dare countered that the rising debt figures were not primarily due to fresh borrowing, but largely the result of the depreciation of the naira, which has increased the local currency value of existing external obligations.

Citing figures from the Debt Management Office (DMO), Dare stated that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025. He stressed that the country’s debt-to-GDP ratio remains between 40 and 45 percent — a level he described as moderate when compared to South Africa at 70 percent and Ghana at over 90 percent.

“The real challenge lies in revenue mobilization, not excessive borrowing,” Dare said. “Encouragingly, government revenues are on the rise, strengthening our ability to meet debt obligations.”

He emphasized that borrowing remains a legitimate economic tool for funding infrastructure and policy reforms, warning against reducing complex fiscal issues to “headline-grabbing commentary.”

“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites,” he said. “Unfortunately, Dino prefers theatrics to truth.”

Dare concluded by taking a swipe at the former senator’s economic understanding, stating:
“Until Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment.”