Former Senator representing Kogi West, Dino Melaye, has strongly criticized President Bola Ahmed Tinubu over what he described as an alarming rate of borrowing by the current administration.

According to Melaye, if the present borrowing trend continues unchecked, Tinubu may soon have no choice but to seek financial assistance from Nigeria’s top fintech platforms such as Opay and Moniepoint.

His reaction came after the Speaker of the House of Representatives, Tajudeen Abbas, openly expressed worry about the mounting foreign debts being accumulated under Tinubu’s government.

Melaye’s remarks on Arise Television

Speaking during an interview on Arise Television’s Prime Time program on Monday night, Melaye questioned:

“Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate already approved $21 billion with several other loans awaiting approval?”

The former lawmaker condemned the borrowing spree, labeling Tinubu’s administration as one of the most reckless governments in Nigeria’s history.

Luxury acquisitions despite economic hardship

Melaye further criticized Tinubu for making lavish purchases while Nigerians are facing economic challenges.

He highlighted that the president, who had earlier promised to eliminate government waste, purchased a yacht that has never been seen in Nigeria’s territorial waters but instead is reportedly stationed between Monaco and Paris.

He questioned the rationale behind such extravagant spending during a period of widespread hunger and hardship.

Melaye also pointed out that Tinubu acquired a new presidential jet, costing the nation billions of naira, only a few months after assuming office.

Dispute over “gift” claims

Addressing claims that the new presidential aircraft was a gift, Melaye dismissed such arguments. He maintained that the purchase was never appropriated by the National Assembly, which is why it was conveniently labeled a “gift.”

He said:

“If it was truly a gift, then who gave it? Gifts must be declared. Remember Tom David West was removed from office for failing to declare a gold wristwatch. If you receive a gift, you must declare the source.”

A history of modest official vehicles

Melaye compared Tinubu’s spending habits to previous Nigerian leaders. He recalled that since the era of Tafawa Balewa, Nnamdi Azikiwe, and even Muhammadu Buhari, every president or prime minister used the Mercedes Benz S-Class as the official car.

He criticized Tinubu’s choice of a luxury German-made Mercedes Benz, the same model once used by Donald Trump in the United States, arguing that it contradicts his promise of curbing wastage.

National Assembly budget hike

Melaye also exposed how the National Assembly’s budget was increased significantly under Tinubu’s leadership.

He revealed that during the 8th Senate, the budget stood at ₦150 billion, but today it has risen to over ₦300 billion, making the legislature appear more like a department directly controlled by the presidency.

Borrowing without accountability

According to Melaye, these lavish expenses and increased borrowing contradict Tinubu’s campaign message of “renewed hope.” He questioned why the government continues to borrow heavily even while generating more revenue.

He noted that even the Speaker of the House of Representatives, who belongs to the ruling APC, has raised concerns about this pattern of reckless borrowing.

Melaye concluded with a scathing remark:

“We will not be surprised if President Tinubu soon turns to fintech companies like Opay and Moniepoint for loans.”