Former Kogi West Senator, Dino Melaye, has criticised President Bola Tinubu’s borrowing spree, warning that the government may soon be forced to seek loans from fintech companies like Opay and Moniepoint.
Melaye was reacting to concerns raised by House of Representatives Speaker, Tajudeen Abbas, over Nigeria’s rising debt profile under Tinubu. Speaking on Arise TV’s Prime Time on Monday, the former lawmaker described the administration as “one of the most reckless governments in history.”
“Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far, with more loan requests still coming? We may soon see Tinubu borrowing from Opay and Moniepoint,” Melaye said.
He also faulted the purchase of a presidential yacht and jet, accusing the government of wastage at a time of widespread hardship. According to him, the claim that the presidential jet was a “gift” was an attempt to cover up the fact that funds for the purchase were not appropriated by the National Assembly.
“The president said he came to curb wastage, yet he bought a yacht, a luxury jet, and increased the National Assembly’s budget from N150 billion in the 8th Senate to over N300 billion today. If revenue has improved, why then are we borrowing recklessly?” he queried.
Melaye said even members of the ruling All Progressives Congress (APC), including Speaker Abbas, had expressed concern over the administration’s debt practices.
