Former senator Dino Melaye has mocked President Bola Tinubu’s administration over its borrowing spree, warning that Nigeria’s growing debt burden is pushing the country toward financial desperation.
Melaye, speaking Monday on ARISE Television, accused the government of worsening hunger and poverty despite securing billions of dollars in loans.
“There is massive hunger in the land. 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?” Melaye asked.
He described the Tinubu administration as “one of the most reckless governments in the history of this country,” noting that the president had authorized the purchase of a luxury yacht at a time of deepening economic hardship.
“That yacht he bought has never been to the perimeters, the territorial areas of Nigeria—it’s been between Monaco and Paris. And what do we need a yacht for in a time of austerity and pervasive hunger?” he said.
Melaye added that Tinubu has borrowed more than any other Nigerian president in history, questioning why the government continues to take on new loans despite claiming higher revenues. “We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon,” he quipped.
The remarks come as the African Democratic Congress (ADC) also raised alarm about the nation’s debt profile. The party’s National Publicity Secretary, Mallam Bolaji Abdullahi, said the borrowing spree could push Nigeria’s debt stock beyond ₦200 trillion before the end of the year. He accused Tinubu of “mortgaging the country’s future in mountains of debts in the name of economic reform.”
Nigeria’s rising debt has become one of the most contentious issues of Tinubu’s presidency, fueling criticism that his economic policies are worsening hardship instead of delivering relief.