Samuel Omang
Former Kogi West Senator, Dino Melaye, has expressed concern over the escalating rate of borrowing by President Bola Tinubu, warning that the government may soon turn to Nigeria’s leading fintech companies, Opay and Moniepoint, if the trend continues.
Melaye made the remarks while reacting to the concerns raised by the Speaker of the House of Representatives, Tajudeen Abbas, regarding the increasing foreign loans secured by Tinubu’s administration.
Speaking on Arise Television’s Prime Time on Monday night, Melaye questioned the rationale behind recent borrowings, saying: “Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far, with many other loans still under consideration?”
He criticized the administration as “one of the most reckless governments in the history of this country,” highlighting the purchase of a presidential yacht and jet. “The president who said he wanted to curb wastages bought a yacht that has never been to Nigerian waters. Why do we need a yacht during a time of austerity and pervasive hunger? Within a few months in office, he also bought a presidential jet costing Nigerians billions,” Melaye said.
Addressing claims that the new presidential jet was a gift, Melaye dismissed the notion, emphasizing that the money used in purchasing the aircraft was not appropriated by the National Assembly. “It was tagged as a gift because it wasn’t properly declared. Gifts must be transparent. For instance, Tam David West was removed from office over an undeclared gift—a gold wristwatch,” he explained.
Melaye also criticized the choice of official presidential vehicles and the increased budget of the National Assembly under Tinubu’s administration. “Since Tafawa Balewa and Nnamdi Azikiwe, down to Buhari, presidents have used Mercedes Benz S-Class vehicles. Now, the president uses a German Mercedes, the same type as Trump, yet claims to curb wastages. Moreover, the National Assembly budget has doubled from N150 billion to over N300 billion, turning it into a de facto ministry of the Villa,” he said.
He further questioned the necessity of borrowing while claiming to generate more revenue. “If you are making more money, why are you borrowing? Even the Speaker of the House, a member of APC, is concerned. At this rate, we wouldn’t be surprised if the president starts borrowing from Opay and Moniepoint soon,” Melaye warned.