Former Kogi West Senator, Dino Melaye, has accused President Bola Ahmed Tinubu’s administration of reckless borrowing and wasteful spending, warning that Nigeria could soon be forced to seek loans from financial technology platforms such as Opay and Moniepoint.
Speaking on Arise Television on Monday, Melaye said Nigerians were grappling with “massive hunger” while the government continued to accumulate external debts. He pointed to the recent $1.7 billion World Bank loan request and the Senate’s approval of about $21 billion in new borrowings as examples of what he described as “unprecedented fiscal recklessness.”
“There is massive hunger in the land. Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far with many others coming for consideration?” he asked.
The outspoken politician also criticised the government’s alleged extravagance, particularly the purchase of a presidential yacht, which he claimed was being used outside Nigeria’s territorial waters.
“This government is one of the most reckless in our history. The president who said he wanted to curb wastages bought a yacht. That yacht has never been to Nigeria’s territorial waters — it’s between Monaco and Paris. What do we need a yacht for in a time of austerity and pervasive hunger?” Melaye queried.
He argued that Tinubu had borrowed more aggressively than any of his predecessors, questioning why the government would resort to loans despite claiming increased revenues.
“He has borrowed like no other president in the history of this country. If you are making more money, then why are you borrowing?” he said.
Mocking the administration’s debt profile, Melaye added:
“We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.”
