The Presidency has dismissed recent remarks by former Kogi West Senator, Dino Melaye, concerning Nigeria’s rising debt profile.

In a post on his verified X handle on Tuesday, the Special Adviser to President Bola Tinubu on Media and Public Communication, Sunday Dare, described Melaye’s statements as “entertainment, and not enlightenment.”

Melaye had earlier in an interview on Arise News the same day, mocked the Tinubu administration’s borrowing practices.

Melaye alleged that Nigeria’s debt situation was so dire that the government might soon be forced to borrow from local fintech firms if the current trend continues.

He questioned the rationale behind recent loan requests, asking why the government was seeking $1.7 billion from the World Bank, while also pointing to the Senate’s approval of about $21 billion in external borrowing so far.

The former lawmaker described the scale of borrowing as unprecedented, adding that it contradicts the administration’s stated aim of eliminating waste.

However, Dare, citing data from the Debt Management Office, clarified that Nigeria’s total public debt stood at N149.39 trillion as of March 31, 2025.

The former Minister of Youth and Sports stressed that the increase was not caused by reckless borrowing but largely due to the effect of naira depreciation on existing external loans.

According to him, Nigeria’s debt-to-GDP ratio remains between 40 and 45 per cent, which he said is still moderate compared to countries like South Africa at 70 per cent and Ghana at over 90 per cent.

“The real challenge lies in revenue mobilization, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations,” Dare said.

He added that borrowing remains a legitimate tool for financing reforms and infrastructure while warning against what he called “political theatrics.”

“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth.

“Until Dino acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare added.

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