The Presidency has rebuffed comments by former Senator Dino Melaye suggesting Nigeria might resort to borrowing from fintech platforms such as Opay or Moniepoint.
Recall that during an interview on Arise News on Monday, Melaye mocked the government’s borrowing pattern, questioning the rationale behind seeking fresh loans despite claims of increased revenue.
“If you are making more money, why are you borrowing? To the extent that the Speaker of the House of Representatives is also concerned, who is a member of the APC. We will not be surprised if the President starts borrowing from Opay and Moniepoint very soon,” Melaye said.
He also faulted recent loan requests, including the government’s bid for $1.7 billion from the World Bank, and noted that the Senate had approved about $21 billion in external borrowing so far.
Reacting via social media, presidential aide Sunday Dare labelled Melaye’s remarks a form of “entertainment, not enlightenment,” explaining that Nigeria’s debt surge—currently at ₦149.39 trillion as of March 31, 2025—was primarily driven by the naira’s depreciation on existing foreign loans, not excessive borrowing.
Dare added that the country’s debt-to-GDP ratio stands at 40–45 percent, relatively moderate compared to South Africa (70 percent) and Ghana (over 90 percent), and noted improving revenue streams that enhance the government’s capacity to service these debts.
