‘Familiarise yourself with basic economics’  —  Presidency tackles Melaye over debt claims

The Presidency has dismissed allegations by erstwhile Kogi West Senator Dino Melaye that the medication of President Bola Ahmed Tinubu is engaging successful reckless borrowing, describing his remarks arsenic specified “entertainment.”

Reacting to Melaye’s comments, the Special Adviser to the President connected Media and Public Communication, Sunday Dare, said the ex-lawmaker had chosen “spectacle implicit substance.”

“Barrister Dino Melaye has erstwhile again traded substance for spectacle. In his latest tv appearance, helium formed himself arsenic Nigeria’s main governmental entertainer, tossing astir inexpensive jabs astir ‘borrowing from OPay and Moniepoint,’” Dare wrote connected his verified X account.

Melaye, portion speaking connected Arise Television connected Monday, accused Tinubu of borrowing much aggressively than immoderate of his predecessors.

“He has borrowed similar nary different president successful the past of the country. If you are making much money, past wherefore are you borrowing? We volition not beryllium amazed if the president starts borrowing from OPay and Moniepoint precise soon,” helium said.

Countering the claim, Dare explained that Nigeria’s rising indebtedness figures were mostly the merchandise of currency depreciation alternatively than reckless borrowing.

“Here are the facts: Nigeria’s full nationalist indebtedness stood astatine ₦149.39 trillion arsenic of March 31, 2025, according to the Debt Management Office. The leap from past twelvemonth is not the effect of reckless borrowing, but mostly the arithmetic of naira depreciation,” Dare said.

The statesmanlike adjutant stressed that the country’s debt-to-GDP ratio remains mean compared to different African economies.

“Nigeria’s debt-to-GDP ratio remains a mean 40–45%, good beneath South Africa’s 70% oregon Ghana’s 90% plus. The existent situation lies successful gross mobilization, not runaway borrowing,” Dare noted.

According to him, caller improvements successful authorities gross postulation are strengthening Nigeria’s quality to conscionable its obligations, and helium adds that borrowing remains a morganatic instrumentality for maturation and reform.

“Encouragingly, revenues are improving, strengthening our capableness to work obligations. Borrowing is simply a morganatic instrumentality for financing maturation and reforms. What matters is sustainability, not soundbites,” helium said.

Dare accused Melaye of misinforming the public, saying the ex-lawmaker prefers theatrics to truth.

“Until helium acquaints himself with basal economics, his commentary volition stay what it has ever been: entertainment, not enlightenment,” helium added.

The station ‘Familiarise yourself with basal economics’  —  Presidency tackles Melaye implicit indebtedness claims appeared archetypal connected Vanguard News.