THE Presidency has dismissed recent remarks by Senator Dino Melaye on Nigeria’s debt profile as “noise without knowledge,” accusing him of substituting political theatrics for facts.
In a statement shared via his verified X handle on Tuesday made available to News Point Nigeria, Sunday Dare, Special Adviser to President Bola Tinubu on Media and Public Communication, criticized Melaye’s television comments in which the former lawmaker mocked the government’s debt policies by claiming Nigeria might soon “borrow from OPay and Moniepoint.”
Dare said Melaye’s assertions misrepresented the realities of Nigeria’s fiscal position. Citing official figures, he noted that as of March 31, 2025, the country’s total public debt stood at ₦149.39 trillion, according to the Debt Management Office (DMO).
He explained that the increase in the debt stock over the past year was largely a reflection of naira depreciation, rather than fresh, reckless borrowing.
“When the currency adjusts, the naira value of existing external debt rises — whether or not new loans are taken,” Dare clarified.
The presidential aide stressed that Nigeria’s debt-to-GDP ratio remains at a moderate 40–45%, significantly lower than that of South Africa at 70% or Ghana at over 90%.
According to him, the country’s real challenge is weak revenue mobilization, not debt overhang. He, however, expressed optimism that improved revenues under ongoing reforms are already enhancing Nigeria’s capacity to service its obligations.
“Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites,” he added.
Dare accused Melaye, now the governorship candidate of the PDP in Kogi State, of consistently prioritizing drama over depth.
“Dino has once again traded substance for spectacle. Until he acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment,” Dare quipped.
