The Presidency has slammed former Senator representing Kogi West, Dino Melaye, for saying that the government of President Bola Tinubu may soon turn to Fintech companies in Nigeria for loans.

Speaking on ARISE Television, on Monday, Melaye accused the government of plunging Nigerians into massive hunger despite securing billions of dollars in 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 many others coming for consideration?”

“This government is one of the most reckless governments in the history of this country. The president who said he wanted to come and curb wastages bought a yacht.

“That yacht he bought has never been to the perimeters, the territorial areas of Nigeria—it’s been between Monaco and Paris. And what do we need a yacht for in a time of austerity and pervasive hunger?

“He has borrowed like no other president in the history of the country. If you are making more money, then why are you borrowing? We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon,” he said

Reacting, Tinubu's Special Adviser on Media and Publications, Sunday Dare, said Melaye's words reek of noise with no knowledge.

"Barrister Dino Melaye has once again traded substance for spectacle. In his latest television appearance, he cast himself as Nigeria’s chief political entertainer, tossing around cheap jabs about 'borrowing from OPay and Moniepoint.'

"But here are the facts: Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, according to the Debt Management Office. The jump from last year is not the result of reckless borrowing, but largely the arithmetic of naira depreciation. When the currency adjusts, the naira value of existing external debt rises—whether or not new loans are taken.

"Nigeria’s debt-to-GDP ratio remains a moderate 40–45%, well below South Africa’s 70% or Ghana’s 90% plus. The real challenge lies in revenue mobilisation, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations.

"Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth.

"Until he acquaints himself with basic economics, his commentary will remain what it has always been: entertainment, not enlightenment," Dare said.

ASA