The Tinubu Media Force has dismissed Dino Melaye’s recent comments on Nigeria’s borrowing under President Bola Ahmed Tinubu as “laughable” and lacking serious economic analysis. In a statement issued by national coordinator Abiola Oluwagbenga, the group accused Melaye of reducing a complex fiscal matter to mere political theatrics.
“This so-called critique ignores the comprehensive debt management and financial reforms the Tinubu administration has implemented,” the statement said. It pointed out that Melaye deliberately focused only on borrowing, while neglecting the government’s achievements such as restructuring debt, increasing revenue mobilisation, and reducing debt-servicing burdens.
“The full repayment of the ₦30 trillion Ways and Means debt inherited from previous governments, announced by the President in October 2024, was a landmark achievement alongside maintaining healthy foreign reserves of about $37 billion,” the Media Force added. It also highlighted a sharp drop in the debt-service-to-revenue ratio from 97% to 68% and the clearance of a $7 billion forex backlog that helped stabilise the naira.
According to the group, the current public debt of ₦149.39 trillion as at March 31, 2025, largely reflects currency depreciation rather than reckless borrowing, with Nigeria’s debt-to-GDP ratio standing at a moderate 40–45%. “This compares favourably with South Africa’s 70% or Ghana’s 90%, yet Melaye omitted these important benchmarks,” the statement said.
The Media Force accused Melaye of hypocrisy, noting his silence during previous administrations which borrowed heavily without transparent repayment plans. “His selective outrage is politically motivated and not backed by sound financial reasoning,” it stated.
The group also cited the recent approval of a ₦4 trillion refinancing plan to address power sector debts as evidence of pragmatic government action, contrasting it with what it described as Melaye’s “baseless complaints.” On infrastructure, the statement highlighted a $652 million loan from China Exim Bank for a major road connecting Lekki Deep Sea Port to southern trade routes, reflecting responsible borrowing focused on economic returns.
“President Tinubu’s economic policies have delivered real benefits, including the Nelfund student loan scheme, agro-economic initiatives to lower food prices, and a compressed natural gas framework reducing transport costs,” the Tinubu Media Force said. It urged Nigerians not to be misled by “comedy parading as financial analysis” and encouraged the President to stay focused on reforms that promise sustainable prosperity.
The group insisted the opposition must contribute constructive solutions rather than political tantrums to be taken seriously in Nigeria’s economic discourse.
