By Peter Omopo
Abuja, September 9, 2025 — The Presidency has dismissed recent claims by former Kogi West senator, Dino Melaye, on Nigeria’s debt situation, describing his remarks as “political theatrics” rather than serious economic analysis.
In a post via his verified X handle on Tuesday, Presidential Adviser on Media and Public Communication, Sunday Dare, responded sharply to Melaye’s criticisms of the Tinubu administration’s borrowing practices.
Melaye, speaking earlier on Arise News, had mocked the government’s loan requests, alleging that Nigeria’s debt burden was so severe that the administration might soon resort to borrowing from local fintech firms. He cited the government’s request for a $1.7 billion World Bank loan and the Senate’s approval of about $21 billion in external borrowing as examples of what he called unprecedented debt accumulation.
Presidency Counters With DMO Data
Dare, however, argued that Melaye’s commentary ignored key facts. Quoting figures from the Debt Management Office (DMO), he said Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025.
He explained that much of the increase was linked to the impact of the naira’s depreciation on existing external loans rather than reckless new borrowing.
“Nigeria’s debt-to-GDP ratio remains between 40 and 45 per cent, moderate when compared to South Africa’s 70 per cent and Ghana’s over 90 per cent,” Dare stated.
Revenue, Not Borrowing, the Challenge
The presidential aide stressed that Nigeria’s “real challenge” lies in revenue mobilization, not excessive borrowing. He noted that government revenues had begun to improve, boosting capacity to service obligations.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites,” he said.
Dare accused Melaye of prioritising theatrics over sound economics.
“Until Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” he added.
