Former senator Dino Melaye has mocked President Bola Tinubu’s administration, warning that at the rate of borrowing, the government may soon turn to Nigerian fintech companies such as Opay and Moniepoint for loans.
Speaking during an interview on ARISE Television, Melaye accused the Tinubu government of worsening hunger and poverty in Nigeria despite securing billions of dollars in foreign loans.
“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.
Melaye alleged that the government has been reckless with spending, citing the controversial purchase of a yacht.
“This government is one of the most reckless governments in the history of this country. The president who said he wanted to come and curb wastages bought a yacht. That yacht he bought has never been to the perimeters, the territorial areas of Nigeria—it’s been between Monaco and Paris. And what do we need a yacht for in a time of austerity and pervasive hunger?”
“He has borrowed like no other president in the history of the country. If you are making more money, then why are you borrowing? We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon,” Melaye said.
His comments follow concerns from the African Democratic Congress (ADC), which last week warned that Tinubu’s borrowing spree could push Nigeria’s public debt beyond ₦200 trillion before the end of the year.
In a statement, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, accused the government of mortgaging the country’s future “in mountains of debts in the name of economic reform.”