Presidency dismisses Dino Melaye’s debt criticism as ‘entertainment, not enlightenment’

The Presidency has dismissed recent comments by Dino Melaye, former Kogi West Senator, on the country’s rising debt profile.

In a post via his verified X handle on Tuesday, Sunday Dare, the Special Adviser to President Bola Tinubu on Media and Public Communication, described Melaye’s statements as “entertainment, and not enlightenment.”

Melaye, during an interview on Arise News on Tuesday, mocked the Tinubu administration over its borrowing practices.

He alleged that Nigeria’s debt situation was so dire that the government may soon be forced to borrow from local fintech firms if the borrowing trend persists.

The former lawmaker questioned the rationale behind recent loan requests.

He asked why the government was seeking $1.7 billion from the World Bank and pointing to the Senate’s approval of about $21 billion in external borrowing so far.

He described the scale of borrowing as unprecedented and argued it contradicted the administration’s stated aim of eliminating waste.

However, Dare stressed that the increase was not the result of reckless borrowing but largely due to the effect of naira depreciation on existing external loans.

“Barrister Dino Melaye has once again traded substance for spectacle. In his latest television appearance, he cast himself as Nigeria’s chief political entertainer, tossing around cheap jabs about ‘borrowing from OPay and Moniepoint.’

“But here are the facts: Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, according to the Debt Management Office.

“The jump from last year is not the result of reckless borrowing, but largely the arithmetic of naira depreciation. When the currency adjusts, the naira value of existing external debt rises—whether or not new loans are taken.

“The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare said.

He added that borrowing remained a legitimate tool for financing reforms and infrastructure, while warning against what he described as “political theatrics.”

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

“Until Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare added.