The Presidency has responded sharply to recent remarks by former Kogi West Senator, Dino Melaye, concerning Nigeria’s public debt under the Bola Tinubu administration.
Melaye had suggested in a television appearance that the government might eventually resort to borrowing from fintech companies like OPay or Moniepoint to manage the country’s debt burden.
In reaction, Dare, Special Adviser to President Tinubu on Media and Public Communications, dismissed the statement as more of a theatrical performance than an economic analysis.
“You need to acquaint yourself with basic knowledge of economics,” Dare said, adding that Melaye’s comments traded substance for spectacle.
According to the presidential aide, while such remarks may appear entertaining to the public, they do not reflect the actual fiscal realities of the country.
He further clarified that Nigeria’s debt-to-GDP ratio currently stands between 40–45%, which is moderate when compared to other African nations. For instance, South Africa’s debt-to-GDP ratio is around 70%, while Ghana’s exceeds 90%.
Dare emphasized that Nigeria’s debt profile, though a concern, is still manageable and not in the dire situation portrayed by the ex-lawmaker.
