Former Nigerian Senator Dino Melaye has launched a scathing critique of President Bola Tinubu’s administration, accusing the president of unprecedented borrowing and lavish spending despite campaign promises to curb wastefulness.
In a recent interview with Arise News, Melaye claimed that Tinubu’s financial decisions, including the purchase of a Cadillac and an aircraft, alongside an increase in the National Assembly (NASS) budget, have pushed Nigeria’s debt to alarming levels.
“A president who said he was coming to curb wastefulness has bought a Cadillac and an aircraft, increased the budget of the NASS, and borrowed like no other president in history,” Melaye stated.
“We won’t be surprised if he starts borrowing from Opay and Moniepoint next,” he quipped, referring to popular Nigerian mobile money platforms.
Melaye’s comments come amid growing concerns over Nigeria’s escalating debt profile. According to recent reports, President Tinubu has sought National Assembly approval for multiple borrowing plans, including a $21.5 billion external loan, ¥15 billion, €65 million in grants, and a ₦758 billion domestic bond to address pension liabilities.
Additionally, a separate request for a $2.209 billion (₦1.767 trillion) loan was submitted to part-finance the 2024 budget deficit of ₦9.7 trillion.
Another $347 million loan was proposed to fund projects like the Lagos-Calabar Coastal Highway and a telecommunications initiative aimed at bridging the digital divide.
These requests, part of the 2025–2026 borrowing plan, are intended to support infrastructure, agriculture, health, education, and other sectors, according to Tinubu’s letters to the NASS.
However, Melaye and other critics argue that the administration’s spending priorities are misplaced.
The purchase of a new presidential aircraft and a Cadillac has drawn particular ire, with many Nigerians questioning the necessity of such acquisitions amid economic hardship.
The increase in the NASS budget has also sparked debate, with accusations of fiscal irresponsibility at a time when ordinary citizens face rising costs and inflation.
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