Dino Melaye Slams Tinubu Over Reckless Borrowing, Warns He May Soon Turn to Opay and Moniepoint
Former Kogi West Senator, Dino Melaye, has strongly criticised President Bola Ahmed Tinubu over what he described as an alarming and reckless borrowing spree that threatens Nigeria’s economic stability.
Melaye, who featured on Arise Television’s Prime Time on Monday night, learnt that the concerns raised by Speaker of the House of Representatives, Tajudeen Abbas, over Tinubu’s growing foreign loan appetite were valid and troubling. He told PulseNets that the borrowing pattern under the current administration is unprecedented and could soon extend to fintech lenders like Opay and Moniepoint if nothing is done.
Speaking on the matter, Melaye obtained by PulseNets, stated: “Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate already approved $21 billion, with more loan requests still pending consideration?”
The former lawmaker reported that Tinubu’s leadership has proven to be one of the most financially reckless in Nigeria’s history, despite promising to cut government waste. He noted that while citizens battle hunger and hardship, the presidency has made luxury purchases that do not align with the nation’s economic realities.
Melaye told PulseNets: “This is a government that claims to be fighting wastage, yet the president bought a yacht that has never sailed into Nigerian waters but remains between Monaco and Paris. Why should we be buying a yacht in this period of austerity and hunger? Within just a few months of assuming office, Tinubu also acquired a presidential jet worth billions of naira.”
He further dismissed the defence that the new presidential aircraft was a “gift,” stressing that such a claim lacked transparency.
According to him: “That jet was purchased. A gift by who? If it was truly a gift, it must be declared. We all remember why Tom David West was removed from office – he failed to declare a gold wristwatch. So if there’s a gift, let us know who gave it. The truth is that the money used for the jet was not appropriated by the National Assembly, which is why it was falsely tagged as a gift.”
Melaye reminded Nigerians that from Tafawa Balewa and Nnamdi Azikiwe to Muhammadu Buhari, every leader relied on the Mercedes Benz S-Class as their official vehicle. He queried why Tinubu, who vowed to curb wastages, opted instead for luxury imports.
He said: “The president is cruising in a German Mercedes Benz, the same kind Trump used in America, and yet he preaches prudence. In the 8th Senate, the National Assembly budget was N150 billion. Today, Tinubu has increased it to more than N300 billion, turning the legislature into nothing more than an extension of the Villa.”
Melaye insisted that these actions contradict Tinubu’s campaign promises of renewed hope and responsible governance.
He told PulseNets: “A president who buys a yacht, a Cadillac, a presidential aircraft, doubles the National Assembly budget, and still borrows more than any leader in our history cannot be taken seriously about curbing wastages. If indeed more revenue is being generated, then why keep borrowing? Even the Speaker of the House, a loyal APC member, has raised concerns. That alone tells you how bad things have become.”
Also Read: Kogi Guber: I Will Not contest APC’s victory at tribunal — Dino Melaye
Concluding his remarks, Melaye warned that Nigerians should brace up for even more embarrassing financial moves from Tinubu’s administration.
He stressed: “At this rate, it will not be surprising if the president begins borrowing from Opay and Moniepoint very soon.”
