Special Adviser on Public Communications and Orientation to President Bola Tinubu, Sunday Dare, has criticised former Kogi West senator, Dino Melaye, describing his recent remarks on Nigeria’s debt profile as misleading and lacking economic substance.
Dare, in a post on X sighted by newsmen on Tuesday, faulted Melaye for trivialising the country’s borrowing, saying his claim that the government resorted to loans from platforms such as OPay and Moniepoint amounted to “noise, not knowledge.”
He explained that the country’s rising debt figures were not primarily due to reckless borrowing, but the impact of naira depreciation on existing external obligations.
Quoting figures from the Debt Management Office (DMO), Dare noted that “Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025. The jump from last year is not the result of reckless borrowing, but largely the arithmetic of naira depreciation.”
The presidential aide further argued that Nigeria’s debt-to-GDP ratio, at between 40 and 45 per cent, was moderate when compared with South Africa’s 70 per cent and Ghana’s 90 per cent.
He maintained that the country’s main challenge was revenue mobilisation, which he said was already showing signs of improvement.
According to him, “borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites. Unfortunately, Dino prefers theatrics to truth.”
Dare added that Melaye’s constant resort to sensational commentary without grasping the basics of economics would continue to expose him as more of an entertainer than a serious voice in national discourse.
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