Melaye Slams Tinubu Over ‘Reckless Borrowing, Extravagant Spending’

Former Kogi West Senator, Dino Melaye, has accused President Bola Ahmed Tinubu’s administration of reckless borrowing and wasteful spending, warning that the government’s rising debt profile could soon force it to seek loans from local fintech platforms.

Speaking in an interview on Arise Television on Monday, Melaye questioned the government’s recent loan requests, including a $1.7 billion facility from the World Bank, noting that the Senate had already approved about $21 billion in foreign borrowing under Tinubu. He described the borrowing pattern as unprecedented and inconsistent with the president’s pledge to cut waste.

“Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far?” Melaye asked, insisting that Tinubu’s government ranks among the most reckless in Nigeria’s history.

The former lawmaker also criticised the president’s spending priorities, citing the purchase of a presidential yacht and a new aircraft. He dismissed claims that the jet was a gift, arguing that any genuine gift must be declared and approved, which he said was not the case.

Melaye further faulted Tinubu for luxury asset purchases, including a Cadillac and high-end Mercedes-Benz vehicles, contrasting them with past leaders who used more modest official cars. He also raised concerns over the National Assembly’s budget, which has reportedly doubled from ₦150 billion during the 8th Senate to over ₦300 billion under the current administration.

“A president who promised to curb waste has bought a yacht, an aircraft, increased the National Assembly budget, and borrowed like no other leader in history,” Melaye stated.

His remarks follow recent warnings by Speaker of the House of Representatives, Abbas Tajudeen, that Nigeria’s debt level has exceeded its legal limit and now threatens fiscal stability.