Former senator Dino Melaye has ridiculed President Bola Tinubu’s administration, saying its endless borrowing spree may soon push Nigeria into seeking loans from fintech companies such as Opay and Moniepoint.
Speaking on ARISE Television on Monday, Melaye described the Tinubu government as one of the most reckless in Nigeria’s history.
He accused the administration of worsening hunger across the country while piling up unsustainable debts.
“There is massive hunger in the land,” Melaye said. “Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate already approved $21 billion with more still awaiting consideration?”
The former senator noted that while Tinubu promised to cut wastage, his government had continued extravagant spending.
He pointed to the controversial purchase of a luxury yacht, questioning its relevance to Nigeria’s current realities.
“That yacht he bought has never even touched the territorial waters of Nigeria. It’s been between Monaco and Paris.
What do we need a yacht for in this time of austerity and pervasive hunger?” he asked.
Melaye’s attack came days after the African Democratic Congress (ADC) also condemned the rising debt profile.
In a statement by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party warned that Nigeria’s debt could surpass ₦200 trillion before the end of 2025.
The ADC accused Tinubu of mortgaging Nigeria’s future under the guise of economic reforms.
According to the party, the president has already outdone his predecessors by securing massive loans that burden future generations.
Melaye stressed that government borrowing makes little sense when Nigerians are battling unprecedented levels of hunger and poverty.
He argued that if revenue has truly increased, as officials claim, the country should not rely on external loans.
“He has borrowed like no other president in our history,” Melaye said. “If you are making more money, why are you still borrowing? Nigerians should not be surprised if Tinubu starts seeking loans from Opay and Moniepoint very soon.”
The former senator’s remarks echo widespread anger over the rising cost of living, food scarcity, and a depreciating naira.
With the government insisting that borrowing is necessary to stabilize the economy, critics fear Nigeria is sliding deeper into a debt trap.
For now, both opposition figures and civil society groups are warning that unless drastic reforms are introduced, Tinubu’s economic policies could leave Nigeria with debts too heavy for future administrations to bear.