Melaye Warns Tinubu Govt’s Borrowing Spree May Extend To Fintech Firms

Former Senator Dino Melaye has criticised President Bola Ahmed Tinubu’s administration over what he described as reckless borrowing, warning that the government might soon resort to seeking loans from financial technology companies operating in Nigeria.

Speaking on ARISE Television yesterday, Melaye faulted the government’s economic management, insisting that Nigerians are grappling with worsening hunger and poverty despite the billions of dollars already secured 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 more requests awaiting approval?” he queried.

The former lawmaker accused the president of breaching his own pledge to cut wastage, citing the controversial purchase of a presidential yacht.

“That yacht has not sailed within Nigeria’s territorial waters. It has been in places like Monaco and Paris. What do we need a yacht for at a time of austerity and pervasive hunger?” Melaye asked.

He further alleged that Tinubu has borrowed more aggressively than any previous leader in Nigeria’s history.

“If revenue is said to be rising, why the endless borrowing? At this rate, we won’t be surprised if the government turns to Opay or Moniepoint for loans,” he said.

The African Democratic Congress (ADC) recently echoed similar concerns, warning that the country’s debt profile could exceed N200 trillion before the end of 2025 if the current trend persists.